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Wednesday, April 21, 2010

earnings report aapl April 2010- apple stock NASDA:AAPL

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Earnings report aapl April 2010- apple stock NASDA:AAPL

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.







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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


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