Apple has posted its 2013 second quarter earnings and has announced $43.6 billion in revenue (2013 Q2 forecast was $41-43 billion) along with net profit of $9.5 billion. International sales accounted for 66% of their revenue. As for products sold, the numbers are below:
- 37.4 million iPhones (35 million in the year ago quarter)
- 19.5 million iPads (11.8 million in the year ago quarter)
- 3.9 million Macs during the quarter (4 million in the year ago quarter)
- 5.6 million iPods sold (7.6 million in the year ago quarter)
- $12.5 billion in cash generated; cash balance of $145 billion
“We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad,” said Tim Cook, Apple’s CEO. “Our teams are hard at work on some amazing new hardware, software and services, and we are very excited about the products in our pipeline.”
As for looking ahead to the Q3 2013 period, Apple is forecasting the following:
• revenue between $33.5 billion and $35.5 billion
• gross margin between 36 percent and 37 percent
• operating expenses between $3.85 billion and $3.95 billion
• other income/(expense) of $300 million
• tax rate of 26%
Many analysts had feared Apple’s growth had slowed down, but this quarter doesn’t seem to show it. Apple is set to start their earnings call shortly. We’ll update below with notable numbers–more to follow.
Update: Apple has also announced it has doubled its capital return program:
Apple today announced that its Board of Directors has authorized a significant increase to the Company’s program to return capital to shareholders. The Company expects to utilize a total of $100 billion of cash under the expanded program by the end of calendar 2015. This represents a $55 billion increase to the program announced last year and translates to an average rate of $30 billion per year from the time of the first dividend payment in August 2012 through December 2015.
“We believe so strongly that repurchasing our shares represents an attractive use of our capital that we have dedicated the vast majority of the increase in our capital return program to share repurchases.”
Apple says the Board has increased the share repurchase authorization from the $10 billion level announced last year to $60 billion, the largest single share repurchase authorization in history, expected to be executed by the end of 2015. There are also plans to utilize $1 billion annually to to net-share-settle vesting restricted stock units.
Also, the Board has approved to increase the company’s quarterly dividend. Today it has declared a dividend of $3.05 per common share, payable on May 15, 2013. Apple says it is among the world’s largest dividend payers in the world with annual payments of $11 billion.
Apple 2013 Q2 earnings call by the numbers
- iTunes digital revenue exceeded $4 billion for the first time ever
- 119 countries with 35 million songs
- App Stores in 155 countries covering 90% of the world’s population
- 850,000 iOS apps; 350,000 of these made for iPad
- Cumulative app downloads surpassed 45 billion; developers paid out over $9 billion
- 300 million iCloud users
- $5.2 billion in revenue from retail stores; 402 stores with 151 outside the USA; 91 million visitors during the quarter
Once again, some incredible charts from SplatF to illustrate the quarter: