[Update] Apple Q2 2011 Earnings: Over $24 Billion in Revenue

Update 1: Here are some more details from the conference call, via the WSJ:

  • On iPhone sales: “We saw stunning iPhone sales,” said Peter Oppenheimer, Apple’s chief financial officer
  • On how the disaster in Japan: “Apple employees have literally been working around the clock with our supplier partners in Japan and have been able to implement a number of contingency plans,” said Chief Operating Officer Tim Cook.
  • On Steve Jobs: “He is still on medical leave but we do see him on a regular basis,” said Mr. Cook, adding that “I know he wants to be back full time as soon as he can.”
  • On suing Samsung: Mr. Cook also stood by its partnership with Samsung Electronics Co. calling it “a very valued component supplier” even though it sued the Korean electronics company last week for trademark and patent infringement related to its iPad and iPhone. “I expect the strong relationship will continue,” he said, adding Apple took legal action separate from that relationship because it felt Samsung’s mobile communication division “crossed the line.”

Apple has just posted their Q2 2011 financial results, and to nobody’s surprise they are staggering once again:

Record March Quarter Drives 83 Percent Revenue Growth, 95 Percent Profit Growth Record iPhone Sales Grow 113 Percent

CUPERTINO, California—April 20, 2011—Apple® today announced financial results for its fiscal 2011 second quarter ended March 26, 2011. The Company posted record second quarter revenue of $24.67 billion and record second quarter net profit of $5.99 billion, or $6.40 per diluted share. These results compare to revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 59 percent of the quarter’s revenue.

Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter. The Company sold 18.65 million iPhones in the quarter, representing 113 percent unit growth over the year-ago quarter. Apple sold 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter. The Company also sold 4.69 million iPads during the quarter.

“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.”

Wow. More as this develops…