Apple 2Q Revenue up 43 Percent

April 22nd, 2008 at 3:00 PM - Apple Stock Watch by Jeff Gamet

Apple managed to come in above estimates for its second fiscal quarter of 2008 by showing a 43 percent year-over-year increase in revenue at US$7.51 billion. The Mac, iPod and iPhone maker reported a net quarterly profit of $1.05 billion, well above the $770 million for the same quarter last year.

Apple shipped some 2.289 million Macs during the quarter, up 51 percent compared to last quarter, and up 54 percent compared to last year. It also reported 10.644 million iPods shipped during the quarter for a slim one percent quarterly growth rate, or eight percent annually. iPhone sales hit 1.703 million units for the quarter.

The quarter was another record breaker for Apple, and CEO Steve Jobs was more than happy to let investors know. "Weire delighted to report 43 percent revenue growth and the strongest March quarter revenue and earnings in Appleis history," he said. "With over $17 billion in revenue for the first half of our fiscal year, we have strong momentum to launch some terrific new products in the coming quarters."

Wall Streetis consensus leading up to the earnings announcement suggested Apple would report $6.95 billion in revenue, and 10.5 million iPods shipped for the quarter. Not only did The Street underestimate Appleis performance, but aggressive analysts like Citigroupis Richard Gardner came in under the mark, too. He predicted Apple would report $7 billion in revenue, along with 2.1 million Macs, 9.5 million iPods, and 1.5 million iPhones shipped.

Appleis stock is currently sitting at $163.05, up 2.69 (1.68%), in after hours trading.

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