Apple Posts 3rd Quarter Results: Hello Halo Effect?

We told you that today's earnings would be thin on iPhone details and that is definitely the case. Apple's just posted their 3rd quarter results and the results are: dizzang!

Dig the full results (minus the legal speak) after the break. Here's the short version: a record number of Macs were sold, just shy of 2.5 million, which works out to about 41% growth year over year, 43% revenue growth. That's ALottaMacs, friends, and it helped Apple hit a quarterly profit of over a billion dollars on $7.46 billion in revenue -- both significant increases over the same quarter last year. Margins were down a hair, but whatev -- Apple's selling Macs, dig?

We can't wait to see what the financial results are for iPhone sales (they'll come next quarter), but we have a sneaking suspicion that numbers like these mean that the just-dandy sales for iPhones 2 quarters ago have translated into quite a few people getting interested in replacing a PC with a Mac. As Mac-users ourselves, we welcome you folks to the fold. Are you a recent switcher? Was it the Halo effect? Is your new iPhone 3G spotting a shiny halo that has you thinking Mac for your next purchase?

CUPERTINO, California—July 21, 2008—Apple® today announced financial results for its fiscal 2008 third quarter ended June 28, 2008. The Company posted revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share. These results compare to revenue of $5.41 billion and net quarterly profit of $818 million, or $.92 per diluted share, in the year-ago quarter. Gross margin was 34.8 percent, down from 36.9 percent in the year-ago quarter. International sales accounted for 42 percent of the quarter’s revenue.

Apple shipped 2,496,000 Macintosh® computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone™ units sold were 717,000 compared to 270,000 in the year-ago-quarter.

“We’re proud to report the best June quarter for both revenue and earnings in Apple’s history,” said Steve Jobs, Apple’s CEO. “We set a new record for Mac sales, we think we have a real winner with our new iPhone 3G, and we’re busy finishing several more wonderful new products to launch in the coming months.”

“We’re extremely pleased with the growth of our business and the generation of almost $5.4 billion in cash in the first three quarters of fiscal 2008,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth quarter of fiscal 2008, we expect revenue of about $7.8 billion and earnings per diluted share of about $1.00.”

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Dieter Bohn

Dieter Bohn is former editor-in-chief of Smartphone Experts, writing across iMore, Windows Phone Central, Android Central, and more. You can find him on Twitter (and everywhere else) @backlon.

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Reader comments

Apple Posts 3rd Quarter Results: Hello Halo Effect?

2 Comments

Listening to the call now -- my my there's a lot of business speak that's over my head. They have 20.8 billion cash on hand? did I just hear that right?

Listening to it as well. CFO is totally repetitive, but the App Store numbers are interesting. iPhone subscription accounting is going to make analysts dizzy :)