Apple Beats Revenue Estimates With Q2 2013 Results, Sinks Low On Profit

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Apple has released its financial results for the second fiscal quarter of 2013. The Cupertino company reported $43.6 billion in revenue and a net profit of $9.5 billion. That translates to earnings of $10.09 per diluted share.

Wall Street has been incredibly pessimistic towards Apple in recent months, but today’s results for revenue managed to surpass even the more bullish claims. Apple’s estimates for the next quarter are even more conservative with $33.5-$35.5 billion in revenue. The main problem with today’s results is that profit shrank compared to a year ago for the first time in ten years.

“Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline,” according to Apple.

Press release with more sales figures and details below:

CUPERTINO, California—April 23, 2013—Apple today announced financial results for its fiscal 2013 second quarter ended March 30, 2013. The Company posted quarterly revenue of $43.6 billion and quarterly net profit of $9.5 billion, or $10.09 per diluted share. These results compare to revenue of $39.2 billion and net profit of $11.6 billion, or $12.30 per diluted share, in the year-ago quarter. Gross margin was 37.5 percent compared to 47.4 percent in the year-ago quarter. International sales accounted for 66 percent of the quarter’s revenue.

The Company sold 37.4 million iPhones in the quarter, compared to 35.1 million in the year-ago quarter. Apple also sold 19.5 million iPads during the quarter, compared to 11.8 million in the year-ago quarter. The Company sold just under 4 million Macs, compared to 4 million in the year-ago quarter.

“We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad,” said Tim Cook, Apple’s CEO. “Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline.”

“Our cash generation remains very strong, with $12.5 billion in cash flow from operations during the quarter and an ending cash balance of $145 billion,” said Peter Oppenheimer, Apple’s CFO.

Apple is providing the following guidance for its fiscal 2013 third quarter:

  • revenue between $33.5 billion and $35.5 billion
  • gross margin between 36 percent and 37 percent
  • operating expenses between $3.85 billion and $3.95 billion
  • other income/(expense) of $300 million
  • tax rate of 26%

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  • Adrayven

    They’ve been preping for this, knew it was coming, and still beat it by a few for most part. I know wall street will flip. However, a company cannot continually create those crazy margins forever.

    I’m amazed they get that much margin, compared to others, they are like double. All they need to do is stabilize with steady growth over next few quarters and maintain margins about where they are at now.

About the author

Alex HeathAlex Heath has been a staff writer at Cult of Mac for three years. He is also a co-host of the CultCast. He has been quoted by places like the BBC, KRON 4 News, and books like "ICONIC: A Photographic Tribute to Apple Innovation." If you want to pitch a story, share a tip, or just get in touch, additional contact information is available on his personal site. Twitter always works too. All DMs excepted.

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