Apple today announced financial results for its fiscal 2008 third quarter ended June 28, 2008. The Company posted revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share. These results compare to revenue of $5.41 billion and net quarterly profit of $818 million, or $.92 per diluted share, in the year-ago quarter. Gross margin was 34.8 percent, down from 36.9 percent in the year-ago quarter. International sales accounted for 42 percent of the quarter’s revenue.
Apple shipped 2,496,000 Macintosh computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone units sold were 717,000 compared to 270,000 in the year-ago-quarter.
FORTY ONE PERCENT UNIT GROWTH for Macs? Fucking hell! 41% growth! That's... well... pretty fucking good.
What bugs me though, is that Apple's share price has been tumbling. Despite the astonishing uptake of the iPhone 3G (still quite difficult to get hold of) and years of unprecedented growth in both unit sales and profit margins, the shares were down below $165 dollars today (lower than they were in November last year). And this is despite the fact that Apple has more cash in the bank than Microsoft and are thus unlikely to be hit by the credit crunch.
The lesson is simple, I guess: never trust an analyst.
DISCLAIMER: I own Apple shares.