Apple's Q3 Net Profit Triples
Jul 15, 2004
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Computer maker Apple, based in Cupertino, CA, U.S., reported financial results for its fiscal 2004 third quarter ended June 26, 2004. Apple posted a net profit of U.S. $61 million, or $0.16 per diluted share. These results compare to a net profit of $19 million, or $0.05 per diluted share, in the year-ago quarter. Revenue for the quarter was $2.014 billion, up 30 percent from the year-ago quarter. Gross margin was 27.8 percent, up from 27.7 percent in the year-ago quarter. International sales accounted for 39 percent of the quarter's revenue.

The quarter's results include an after-tax restructuring charge of $6 million. Excluding this charge, Apple's net profit for the quarter would have been $67 million, or $0.17 per diluted share.

Apple shipped 876,000 Macintosh(R) units and 860,000 iPods during the quarter, for a 14-percent increase in CPU units and a 183-percent increase in iPods over the year-ago quarter.

"It was an outstanding quarter - our highest third quarter revenue in eight years," said Apple CEO Steve Jobs. "Our Mac-based revenue grew a healthy 19 percent, and our music-based revenue grew an incredible 162 percent. We've got a strong product portfolio, with some amazing new additions coming later this year."

"We were very pleased with our 30 percent year-over-year revenue growth and our operating margin expansion," added Apple CFO Peter Oppenheimer. "Looking ahead to the fourth quarter of fiscal 2004, we expect revenue of about $2.1 billion and earnings per diluted share of $0.16 to $0.17, including $.01 per diluted share in restructuring charges."

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