In their quarterly conference call with analysts (replay link), Apple announced a record March quarter reporting an 88 percent increase in profits and a 21 percent increase in revenue. Much of the jump was attributed to lower component costs, specifically flash memory used in the iPod.
On the call from Apple were Nancy Paxton, Sr. Director, IR and Corporate Finance, Peter Oppenheimer, CFO and Timothy Cook, COO.
Apple posted revenue of US$5.26 billion and net quarterly profit of US$770 million, or US$0.87 per diluted share. These results compare to revenue of US$4.36 billion and net quarterly profit of US$410 million, or US$0.47 per diluted share, in the year-ago quarter. Gross margin was 35.1 percent, up from 29.8 percent in the year-ago quarter. International sales accounted for 43 percent of the quarter’s revenue.
Update: AAPL shares are up US$7.25 (7.60%) in pre-market trading to US$102.60.