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Apple Reports Second Quarter Results

 
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PostPosted: Wed Apr 22, 2009 3:41 pm    Post subject: Apple Reports Second Quarter Results Reply with quote

Apple Reports Second Quarter Results
Wednesday, April 22, 2009
Posted by: Glenn

Apple today announced financial results for its fiscal 2009 second quarter ended March 28, 2009. The company posted revenue of $8.16 billion and a net quarterly profit of $1.21 billion, or $1.33 per diluted share. These results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per diluted share, in the year-ago quarter. Gross margin was 36.4 percent, up from 32.9 percent in the year-ago quarter. International sales accounted for 46 percent of the quarter's revenue.

"We are extremely pleased to report the best non-holiday quarter revenue and earnings in our history," said Peter Oppenheimer, Apple's CFO. "Apple's financial condition remains very robust, with almost $29 billion in cash and marketable securities on our balance sheet. Looking ahead to the third fiscal quarter of 2009, we expect revenue in the range of about $7.7 billion to $7.9 billion and we expect diluted earnings per share in the range of about $.95 to $1.00."

Apple sold 2.22 million Macintosh computers during the quarter, representing a three percent unit decline from the year-ago quarter. The company sold 11.01 million iPods during the quarter, representing three percent unit growth over the year-ago quarter. Quarterly iPhone units sold were 3.79 million representing 123 percent unit growth over the year-ago quarter.

You can listen to the conference call here if you're interested.



http://www.123macmini.com/news/story/1197.html
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PostPosted: Wed Apr 22, 2009 3:56 pm    Post subject: Reply with quote

I know they got $600 from me. Laughing
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PostPosted: Wed Apr 22, 2009 4:53 pm    Post subject: Reply with quote

I should've had the balls to buy some in the 80s. I'd be up like 40% with some extra change in my pocket to buy a Drobo. Oh well, just another shoulda, woulda, coulda in my life.
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PostPosted: Wed Apr 22, 2009 5:53 pm    Post subject: Reply with quote

No wonder Microsoft is so worried. If a recession or depression can't slow down Apple, what can?
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PostPosted: Wed Apr 22, 2009 6:20 pm    Post subject: Reply with quote

They have $29 billion in cash. I wonder how much Microsoft has in comparison?
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PostPosted: Wed Apr 22, 2009 7:55 pm    Post subject: Reply with quote

devo wrote:
They have $29 billion in cash. I wonder how much Microsoft has in comparison?


$20 billion.

http://www.microsoft.com/msft/earnings/FY09/earn_rel_q2_09.mspx

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PostPosted: Wed Apr 22, 2009 8:24 pm    Post subject: Reply with quote

Colstan wrote:
$20 billion.

http://www.microsoft.com/msft/earnings/FY09/earn_rel_q2_09.mspx

Colstan

I was thinking Microsoft would have more. So what are they going to do with all of this cash? You would think this would be a good time to make some acquisitions. Maybe like Tivo, Slingplayer, Adobe or something else that fits into their business.
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PostPosted: Wed Apr 22, 2009 10:15 pm    Post subject: Reply with quote

devo wrote:
So what are they going to do with all of this cash? You would think this would be a good time to make some acquisitions. Maybe like Tivo, Slingplayer, Adobe or something else that fits into their business.


I think Apple is paranoid about what happened to them back in the 90's. We're in a sustained economic downturn right now, which Apple is weathering splendidly, but things could get much worse and Apple may want to be prepared for that. Also, on the flip side, component prices could increase sharply if inflation gets out of hand. Imagine the prices of commodities like hard drives, memory and flash all skyrocketing.

As far as acquisitions are concerned, I'm not sure there are any large to mid-sized companies that Apple would need. They seem to do well building their own solutions rather than acquiring them. The PA Semi buy and various purchases for pro apps are small targeted acquisitions that easily fit into Apple's product mix. Apple is doing very well and a major acquisition would be a distraction while trying to integrate two companies.

I'm guessing that Apple is keeping their cash assets in case some unforeseen problem arrises. As Intel co-founded Andy Grove once said, "Only the paranoid survive".

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PostPosted: Thu Apr 23, 2009 10:35 am    Post subject: Reply with quote

Computer sales actually decreased, but I think that was due to the fact that it took Apple so long to update the Mac mini, iMac and Mac Pro. I bet they start growing again this quarter. Plus, things always seem to heat up around graduation time.
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PostPosted: Thu Apr 23, 2009 11:03 am    Post subject: Reply with quote

devo wrote:
Colstan wrote:
$20 billion.

http://www.microsoft.com/msft/earnings/FY09/earn_rel_q2_09.mspx

Colstan

I was thinking Microsoft would have more.

In 2004, Microsoft paid out a $3 special one-time dividend, distributing $32 billion to it's shareholders... plus they kicked off a $30 billion share buyback program. That's where a very large chunk of their cash position went. While I'm not a MS fan, they sure are a cash generator!
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PostPosted: Thu Apr 23, 2009 11:48 am    Post subject: Reply with quote

lh_newbie wrote:
In 2004, Microsoft paid out a $3 special one-time dividend, distributing $32 billion to it's shareholders... plus they kicked off a $30 billion share buyback program. That's where a very large chunk of their cash position went. While I'm not a MS fan, they sure are a cash generator!


Don't forget the $2.5 billion that the European Commission has fined Microsoft. It didn't make a difference in how MS operates but gives the EU a nice chunk of change.

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PostPosted: Thu Apr 23, 2009 1:18 pm    Post subject: Reply with quote

Microsoft reports their earnings after the bell today. It will be interesting to see how they do. I actually bought 300 shares at 16 and change a couple weeks ago. I don't care for the company, but I think they are undervalued. I'm hoping it goes back to the mid-twenties by the end of summer. I'm thinking Windows 7 might give them a boost. I've been using it on my little Asus 1000H netbook and it's sort of nice.
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PostPosted: Thu Apr 23, 2009 6:15 pm    Post subject: Reply with quote

Go Apple!
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PostPosted: Thu Apr 23, 2009 6:45 pm    Post subject: Reply with quote

Colstan wrote:
I think Apple is paranoid about what happened to them back in the 90's. We're in a sustained economic downturn right now, which Apple is weathering splendidly, but things could get much worse and Apple may want to be prepared for that. Also, on the flip side, component prices could increase sharply if inflation gets out of hand. Imagine the prices of commodities like hard drives, memory and flash all skyrocketing.

Well, there's nothing wrong with being paranoid. Those are all good points man. I didn't even think about the last scenario of rising component prices or inflation. Hey, do you or g5g5 want to invest some money for me? My 401k looks like crap these days. Laughing
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PostPosted: Fri Apr 24, 2009 10:45 am    Post subject: Reply with quote

Microsoft was light on revenue, but they met the street with earnings. The stock is back over 20 today. I might be able to talk my wife into that Drobo this weekend. Smile
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