Apple Posts Q2 Results: iPad Approaching iPhone Sales
4/23/2013 by: Denis Jelec
Apple Inc. (NASDAQ:AAPL) just announced their financial results for the second quarter of the fiscal 2013, which ended on March 30. Among the quarterly revenue of $43.6 billion (compared to $39.2 billion in the same period last fiscal year) and quarterly net profit of $9.5 billion (compared to $11.6 billion in the same period last fiscal year), it is clear that iPhone sales have slowed down a bit, while iPad sales continue to grow vigorously. In numbers, Apple has sold 37.4 million iPhone units and 19.5 million iPad units, compared to last year's 35.1 million and 11.8 million respectively.
In three years, Apple has sold around 140 million iPads, and the company notes that they were able to sell significantly more iPad mini devices in the March quarter than during the holiday quarter as the production ramped up, and customers apparently "love the experience, performance, and size the iPad mini offers."
Mac sales were flat in the same period of time (just under 4 million). "We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad. Our teams are hard at work on some amazing new hardware, software and services, and we are very excited about the products in our pipeline," said Tim Cook, Apple's CEO. Overall the results have been stronger than expected, and investors seem to be more pleased as the stock went up by around 5% during the conference call.
"Our cash generation remains very strong, with $12.5 billion in cash flow from operations during the quarter and an ending cash balance of $145 billion,” said Peter Oppenheimer, Apple’s CFO. For their fiscal 2013 third quarter, they expect the revenue to be around the same mark, between $33.5 billion and $35.5 billion.
"Fiscal 2012 results were incredibly strong, making comparisons very difficult this year last year, our business benefitted from high growth in demand plus a corresponding growth in channel inventories last year, our business benefitted from high growth in demand plus a corresponding growth in channel inventories. (...) We are guiding to flat revenues year-to-year for the June quarter," noted Tim Cook in opening remarks of the Apple Q2 2013 conference call. Among the lines, it is possible to see a hint that there won't be any new product announcements in Q3 2013, but that was not all. Tim Cook basically confirmed that by saying: "Our teams are hard at work at some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014."
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