Wednesday, April 21, 2010
earnings report aapl April 2010- apple stock NASDA:AAPL
New Policy: To Read The Market Analysis Reports Generated By Our Proprietary Models,
You Now Need to Subscribe. Fill Form Below. Subscription Is Free.
Get Instant Access to the Latest Report, As Soon As You Submit the Form Below.
As we wrote earlier today,in after hours trading, AAPL is up, up 5.25% in after hours trading. The text of report is below.
In general if the market is rising and ends in the green, a positive earnings report generally leads to a rise in the stock price. AAPL today is an example. In our view a rise of just 5% in after hours is a sign of weakness rather than strength when contrasted with the earnings report. The market seems not to be believe in the estimates made by the company. Also the CFO gave an earning for share number which is lower than the latest quarter, and yet is talking positive without explanation.
We will look at this closely. Maybe a good short of apple is around the corner.
There are a number of ways to play earning reports before the announcement and after the announcement. The strategies use options in a smart way. Enter your email in the form below to receive special reports on this topic. If you do not know what options are, or how to use them, do not worry--the reports will explain to you the details. Subscription is FREE.
CUPERTINO, Calif., April 20, /PRNewswire-FirstCall/ -- Apple® today announced financial results for its fiscal 2010 second quarter ended March 27, 2010. The Company posted revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share. These results compare to revenue of $9.08 billion and net quarterly profit of $1.62 billion, or $1.79 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent, up from 39.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter's revenue.
Apple sold 2.94 million Macintosh® computers during the quarter, representing a 33 percent unit increase over the year-ago quarter. The Company sold 8.75 million iPhones in the quarter, representing 131 percent unit growth over the year-ago quarter. Apple sold 10.89 million iPods during the quarter, representing a one percent unit decline from the year-ago quarter.
"We're thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent," said Steve Jobs, Apple's CEO. "We've launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year."
"Looking ahead to the third fiscal quarter of 2010, we expect revenue in the range of about $13.0 billion to $13.4 billion and we expect diluted earnings per share in the range of about $2.28 to $2.39," said Peter Oppenheimer, Apple's CFO.
Apple will provide live streaming of its Q2 2010 financial results conference call beginning at 2:00 p.m. PDT on April 20, 2010 at www.apple.com/quicktime/qtv/earningsq210/. This webcast will also be available for replay for approximately two weeks thereafter.
This press release contains forward-looking statements including without limitation those about the Company's estimated revenue and earnings per share. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company's reaction to those factors, on consumer and business buying decisions with respect to the Company's products; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company's gross margin; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; the effect that the Company's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; the Company's reliance on the availability of third-party digital content and applications; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the Company's dependency on the performance of distributors and other resellers of the Company's products; the effect that product and service quality problems could have on the Company's sales and operating profits; the Company's reliance on sole service providers for iPhone® in certain countries; the continued service and availability of key executives and employees; war, terrorism, public health issues, and other circumstances that could disrupt supply, delivery, or demand of products; potential litigation from the matters investigated by the special committee of the board of directors and the restatement of the Company's consolidated financial statements; and unfavorable results of other legal proceedings.
More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, including the Company's Form 10-K, as amended, for the fiscal year ended September 26, 2009, its Form 10-Q for the quarter ended December 26, 2009, and its Form 10-Q for the quarter ended March 27, 2010 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Apple ignited the personal computer revolution with the Apple II, then reinvented the personal computer with the Macintosh. Apple continues to lead the industry with its award-winning computers, OS X operating system, and iLife, iWork and professional applications. Apple leads the digital music revolution with its iPods and iTunes online store, has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced its magical iPad which is defining the future of mobile media and computing devices.
-© 2010 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh and iPhone are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands and per
share amounts)
Three Months Ended Six Months Ended
March 27, 2010 March 28, 2009 March 27, 2010 March 28, 2009
Net sales $ 13,499 $ 9,084 $ 29,182 $ 20,964
Cost of sales
(1) 7,874 5,457 17,146 12,830
Gross margin 5,625 3,627 12,036 8,134
Operating
expenses:
Research and
development (1) 426 319 824 634
Selling, general
and
administrative
(1) 1,220 985 2,508 2,076
Total operating
expenses 1,646 1,304 3,332 2,710
Operating income 3,979 2,323 8,704 5,424
Other income and
expense 50 63 83 221
Income before
provision for
income taxes 4,029 2,386 8,787 5,645
Provision for
income taxes 955 766 2,335 1,770
Net income $ 3,074 $ 1,620 $ 6,452 $ 3,875
Earnings per
common share:
Basic $ 3.39 $ 1.82 $ 7.12 $ 4.35
Diluted $ 3.33 $ 1.79 $ 7.00 $ 4.29
Shares used in
computing
earnings per
share:
Basic 907,548 891,180 905,545 890,161
Diluted 922,878 902,993 921,331 902,243
(1) Includes
stock-based
compensation
expense as
follows:
Cost of sales $ 37 $ 29 $ 74 $ 57
Research and
development $ 86 $ 67 $ 160 $ 127
Selling, general
and
administrative $ 108 $ 85 $ 202 $ 167
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
March 27, 2010 September 26, 2009
ASSETS:
Current assets:
Cash and cash equivalents $ 10,018 $ 5,263
Shortterm marketable securities 13,137 18,201
Accounts receivable, less allowances of $57
and $52, respectively 2,886 3,361
Inventories 638 455
Deferred tax assets 1,142 1,135
Other current assets 4,515 3,140
Total current assets 32,336 31,555
Longterm marketable securities 18,549 10,528
Property, plant and equipment, net 3,504 2,954
Goodwill 480 206
Acquired intangible assets, net 263 247
Other assets 1,925 2,011
Total assets $ 57,057 $ 47,501
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 5,666 $ 5,601
Accrued expenses 4,021 3,852
Deferred revenue 2,542 2,053
Total current liabilities 12,229 11,506
Deferred revenue – non-current 941 853
Other non-current liabilities 4,539 3,502
Total liabilities 17,709 15,861
Commitments and contingencies
Shareholders' equity:
Common stock, no par value; 1,800,000,000
shares authorized; 909,635,811 and
899,805,500 shares issued and outstanding,
respectively 9,553 8,210
Retained earnings 29,670 23,353
Accumulated other comprehensive income 125 77
Total shareholders' equity 39,348 31,640
Total liabilities and shareholders' equity $ 57,057 $ 47,501
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended
March 27, 2010 March 28, 2009
Cash and cash equivalents, beginning of the
period $ 5,263 $ 11,875
Operating activities:
Net income 6,452 3,875
Adjustments to reconcile net income to cash
generated by operating activities:
Depreciation, amortization and accretion 425 349
Stock-based compensation expense 436 351
Deferred income tax expense 893 570
Loss on disposition of property, plant and
equipment 9 8
Changes in operating assets and liabilities:
Accounts receivable, net 482 490
Inventories (183) 197
Other current assets (824) 1,234
Other assets 149 (361)
Accounts payable (18) (1,527)
Deferred revenue 577 128
Other liabilities (287) (535)
Cash generated by operating activities 8,111 4,779
Investing activities:
Purchases of marketable securities (25,061) (23,483)
Proceeds from maturities of marketable
securities 13,331 6,280
Proceeds from sales of marketable securities 8,686 5,457
Purchases of other long-term investments (9) (54)
Payments made in connection with business
acquisitions, net of cash acquired (325) -
Payment for acquisition of property, plant and
equipment (650) (439)
Payment for acquisition of intangible assets (32) (30)
Other 19 (55)
Cash used in investing activities (4,041) (12,324)
Financing activities:
Proceeds from issuance of common stock 534 122
Excess tax benefits from stock-based
compensation 413 47
Cash used to net share settle equity awards (262) (33)
Cash generated by financing activities 685 136
Increase/(decrease) in cash and cash equivalents 4,755 (7,409)
Cash and cash equivalents, end of the period $ 10,018 $ 4,466
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 2,144 $ 1,828
Apple Inc.
Q2 2010 Unaudited Summary Data
Q1 2010 Q2 2009 Q2 2010
Sequential Year/Year
Change Change
CPU CPU CPU
Operating Units Revenue Units Revenue Units Revenue CPU CPU
Segments K $M K $M K $M Units Revenue Units Revenue
Americas 1,187 $6,092 809 $3,970 971 $4,993 - 18% - 18% 20% 26%
Europe 1,068 5,024 658 2,485 899 4,050 - 16% - 19% 37% 63%
Japan 105 783 109 587 129 887 23% 13% 18% 51%
Asia
Pacific 313 1,813 202 665 338 1,886 8% 4% 67% 184%
Retail 689 1,971 438 1,377 606 1,683 - 12% - 15% 38% 22%
Total
Operating
Segments 3,362 $15,683 2,216 $9,084 2,943 $13,499 - 12% - 14% 33% 49%
Sequential Year/Year
Change Change
Product Units Revenue Units Revenue Units Revenue
Summary K $M K $M K $M Units Revenue Units Revenue
Desktops
(1) 1,234 $1,692 818 $1,056 1,147 $1,532 - 7% - 9% 40% 45%
Portables
(2) 2,128 2,758 1,398 1,904 1,796 2,228 - 16% - 19% 28% 17%
Subtotal
CPUs 3,362 4,450 2,216 2,960 2,943 3,760 - 12% - 16% 33% 27%
iPod 20,970 3,391 11,013 1,665 10,885 1,861 - 48% - 45% - 1% 12%
Other Music
Related
Products
and
Services
(3) 1,164 1,049 1,327 14% 27%
iPhone and
Related
Products
and
Services
(4) 8,737 5,578 3,793 2,427 8,752 5,445 0% - 2% 131% 124%
Peripherals
and Other
Hardware 469 357 472 1% 32%
Software,
Service and
Other Sales 631 626 634 0% 1%
Total Apple $15,683 $9,084 $13,499 - 14% 49%
(1) Includes iMac, Mac mini, Mac Pro and Xserve product lines.
(2) Includes MacBook, MacBook Air and MacBook Pro product lines.
(3) Consists of iTunes Store sales, iPod services, and Apple-branded and third-party iPod
accessories.
(4) Units consist of iPhone handset sales; Revenue is derived from handset sales, carrier
agreements, and Apple-branded and third-party iPhone accessories.
K = Units in thousands $M = Amounts in millions
SOURCE Apple
To Receive Market Forecasting/Timing Reports, and Other Special Trading Reports: Enter your email address in the form below, and click submit. Your subscription is at no cost to you and you can unsubscribe at any time. You will receive our special market timing reports, trading reports, and other specials available for members only. We reserve the right to withdraw or terminate this FREE subscription offer at any time. Therefore, secure your subscription now as we do not guarantee that this offer will be available at your next visit to this site.
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home