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Apple announces 88% increase in profits in Q2 2007

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.
Written by Jason D. O'Grady, Contributor
AAPL Q2 2007 Results
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.

The conference call will be available as a continuous rebroadcast through Wednesday, May 2 at 8:00 p.m. EDT. Thompson First Call has posted a transcript (PDF, 231k) of the call.

Update: AAPL shares are up US$7.25 (7.60%) in pre-market trading to US$102.60.

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