SAN FRANCISCO - Apple Computers today posted a 48 per cent increase in quarterly net income, crediting the rise to increased market penetration of iPod digital music players and Intel-powered Macintosh computers.
Apple said it shipped 1.33 million Macintosh computers in the quarter and 8.11 million iPods, increases of 12
per cent and 32 per cent, respectively, year over year. iPod shipments also topped some analysts' estimates of 8 million for the period and shares rose 5.0 per cent in extended trade.
Apple said net income for its fiscal third quarter, ended July 1, rose to US$472 ($767 million), or 54 cents per share, from US$320 million, or 37 cents per share, a year earlier. Revenue rose 24 per cent to US$4.37 billion from US$3.52 billion.
Analysts expected Apple to earn 44 cents per share, on average, within a range of 40 cents to 49 cents, on revenue of US$3.68 billion, according to Reuters Estimates.
While sales of iPods are still rising at a respectable clip, concerns of a slowing sales growth rate have arisen in recent months, and shares of Apple are down some 24 per cent since early May.
"We're thrilled with the growth of our Mac business, and especially that over 75 per cent of the Macs sold during the quarter used Intel processors," said Apple Chief Executive Steve Jobs in a statement.
For the current quarter, Apple forecast earnings per share of 46 cents to 48 cents, on revenue of US$4.5 billion to US$4.6 billion.
Analysts currently expect Cupertino, California-based Apple to earn 51 cents per share, on average, within a range of 43 cents to 60 cents, on revenue of US$4.89 billion.
Based on Tuesday's closing prices, Apple shares so far this year have declined 26 per cent, compared with a 12 per cent decline in the Morgan Stanley High Technology Index .MSH, of which Apple is a component. Apple stock more than doubled in 2005, after tripling in 2004, largely on booming sales of the iPod.
Shares of Apple rose US$1.15, or 2.2 per cent, to close at US$54.15 on Nasdaq. In extended trade, they rose to US$56.80.
- REUTERS
