Apple Reports Q2 2011 Results

Apple announced its financial results for the second fiscal quarter of 2011, ended March 26 2011. Apple’s Q2 revenue was $24.67 billion with a net profit of $5.99 billion ($6.40 per diluted share). Its profits are up 95% compared to Q2 2010. Its gross profit margin has remained nearly the same at 41.4%, compared to 41.7% in Q2 2010.

The sales have been spectacular, with Apple selling 3.76 million Macs (28% increase YOY), 18.65 million iPhones (113% growth YOY) and 4.69 million iPads. iPod sales have been dropping though, with Apple selling 9.02 million iPods in the quarter, a 17% decline from Q2 2010. While the iPad may have dented netbook sales significantly, they haven’t cannibalized Mac sales at all.

The revenues and net profit have decreased over the previous quarter, but that is usually the case, due to the massive sales around the Christmas holiday season.

With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,said Steve Jobs, Apple’s CEO. We will continue to innovate on all fronts throughout the remainder of the year.

We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,said Peter Oppenheimer, Apple’s CFO. Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.

The results seem to have been received well by investors, with AAPL stock trading up to a high of 351.70 (up 2.71%) in after-hours trading. It is currently at 342.41 (up 1.35%). It now has cash reserves of $65.8 billion, and a market capitalization of $315.45 billion.

You can check out the detailed financial results here – Apple Reports Second Quarter Results

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