Apple® today announced financial results for its fiscal 2013 third quarter ended June 29, 2013. So what turned the Apple color to red? Well, none less than its most popular product, the iPhone. The iPhone sales blazed past Wall Street estimates in the third quarter.
The Company posted quarterly revenue of $35.3 billion and quarterly net profit of $6.9 billion, or $7.47 per diluted share. These results compare to revenue of $35 billion and net profit of $8.8 billion, or $9.32 per diluted share, in the year-ago quarter. Gross margin was 36.9 percent compared to 42.8 percent in the year-ago quarter. International sales accounted for 57 percent of the quarter’s revenue.
The Company sold 31.2 million iPhones, a record for the June quarter, compared to 26 million in the year-ago quarter. Apple also sold 14.6 million iPads during the quarter, compared to 17 million in the year-ago quarter. The Company sold 3.8 million Macs, compared to 4 million in the year-ago quarter.
Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the Company’s common stock. The dividend is payable on August 15, 2013, to shareholders of record as of the close of business on August 12, 2013.
“We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services,” said Tim Cook, Apple’s CEO. “We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”
“We generated $7.8 billion in cash flow from operations during the quarter and are pleased to have returned $18.8 billion in cash to shareholders through dividends and share repurchases,” said Peter Oppenheimer, Apple’s CFO.
Apple is providing the following guidance for its fiscal 2013 fourth quarter:
- revenue between $34 billion and $37 billion
- gross margin between 36 percent and 37 percent
- operating expenses between $3.9 billion and $3.95 billion
- other income/(expense) of $200 million
- tax rate of 26.5%
Apple’s stock is finally rising after this announcement. Don’t worry as even with a plain portfolio of the present Apple products and lack of a new innovative technology, Apple generated revenue of $34 billion to $37 billion, slightly below Wall Street’s average projection of $37.04 billion. So, with a new innovation things look bright and we know for sure that good things are coming.