MAY 5, 2010

Apple posted record earnings per share for Q2 of 2010, beats estimate by 35%

Two weeks ago on April 20th, Apple posted second quarter record earnings per share (EPS) of $3.33 for the Q2 of 2010, blowing away Wall Street analysts consensus estimate by over 35%. Apple reported this while I was traveling outside the U.S. so I'm late in posting it. Revenue was $13.5 billion with a net quarterly profit of nearly $3.1 billion and a 42 percent gross margin, which represents fantastic increases over the second quarter of 2009 of 49 percent, 90 percent and 5 percent respectively.

Mac sales were up 33 percent to 2.9 million, iPhone sales were up 131 percent to 8.8 million and iPods were down 1 percent to 10.9 million, all as compared with the second quarter of 2009. Like last quarter, this quarter the desktop unit sales increase of 40 percent exceeded the portable unit sales increase of 28 percent, a reversal of recent Mac type sales performance where portables had led. Apple updated the MacBook Pro portables in April which may alter this reverse trend for the third quarter ending June 30th.

All of Apple's four regional operating segments (Americas, Europe, Japan and Asia Pacific) scored increased unit sales and revenue over the same quarter in 2009, averaging 33 percent in unit sales and 49 percent in revenue. Apple's retail stores also had increases in unit sales and revenue of 38 percent and 22 percent respectively.

Apple's forecast for the next quarter's revenue is in the range of $13.0-13.4 billion with earnings per share in the range of $2.28-2.39. Apple's forecasts have been quite conservative in the past. [Bill Fox]

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