Apple Boasts iPhone Sales
CUPERTINO, Calif. — Apple(R) today
announced financial results for its fiscal 2008 fourth quarter ended
September 27, 2008. The Company posted revenue of $7.9 billion and net
quarterly profit of $1.14 billion, or $1.26 per diluted share. These
results compare to revenue of $6.22 billion and net quarterly profit of
$904 million, or $1.01 per diluted share, in the year-ago quarter. Gross
margin was 34.7 percent, up from 33.6 percent in the year-ago quarter.
International sales accounted for 41 percent of the quarter’s revenue.
In accordance with the subscription accounting treatment required by
GAAP, the Company recognizes revenue and cost of goods sold for iPhone(TM)
and Apple TV(R) over their economic lives. Adjusting GAAP sales and product
costs to eliminate the impact of subscription accounting, the corresponding
non-GAAP measures* for the quarter are $11.68 billion of “Adjusted Sales”
and $2.44 billion of “Adjusted Net Income.”
Apple shipped 2,611,000 Macintosh(R) computers during the quarter,
representing 21 percent unit growth and 17 percent revenue growth over the
year-ago quarter. The Company sold 11,052,000 iPods during the quarter,
representing eight percent unit growth and three percent revenue growth
over the year-ago quarter. Quarterly iPhone units sold were 6,892,000
compared to 1,119,000 in the year-ago-quarter.
“Apple just reported one of the best quarters in its history, with a
spectacular performance by the iPhone — we sold more phones than RIM,”
said Steve Jobs, Apple’s CEO. “We don’t yet know how this economic downturn
will affect Apple. But we’re armed with the strongest product line in our
history, the most talented employees and the best customers in our
industry. And $25 billion of cash safely in the bank with zero debt.”
Apple Inc. (Nasdaq: AAPL)