Apple has just posted their Q2 2012 financial results for the quarter that ended on March 31, 2012. The company posted revenue of $39.2 billion, with 11.8 million iPads, 35.1 million iPhones and 4 million Macs sold. Apple sold 7.7 million iPods, a 15 percent unit decline from the year-ago quarter. The company posted quarterly net profit of $11.6 billion, or $12.30 per diluted share. iPhone represented a 88 percent unit growth over the year-ago quarter, while iPad reported a 151 percent unit increase over the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.
We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook, Apple’s CEO. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
“Our record March quarter results drove $14 billion in cash flow from operations,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.
Estimates and Previous Quarters
For Q2 2012, Apple set its guidance at $32.5 billion revenue and diluted earnings per share of about $8.50.
The Street consensus’ estimate was earnings of $10.06 per share and revenue of $36.81 billion; on April 1, 2012, 16 independent analysts polled by Fortune forecasted earnings of $12.66 per share and revenue of $42.68 billion. On April 23, Philip Elmer-Dewitt put together an updated chart tracking predictions from 23 independent and 34 Wall Street analysts.
In Q1 2012 – the company’s biggest quarter to date – Apple posted record-breaking revenue of $46.33 billion, with 15.43 million iPads, 37.04 million iPhones and 5.2 million Macs sold. Apple sold 15.4 million iPods, a 21 percent unit decline from the year-ago quarter. The company posted quarterly net profit of $13.06 billion, or $13.87 per diluted share. iPhone represented a 128 percent unit growth over the year-ago quarter, while iPad reported a 111 percent unit increase over the year-ago quarter. In the year-go quarter, Apple posted revenue of $24.67 billion, with 4.69 million iPads, 18.65 million iPhones, and 3.76 million Macs sold.
As we reported in our Q1 2012 coverage:
Apple CEO Tim Cook remarked how the company was seeing China as “an extremely important market”, with “staggering demand” for iPhone. Cook also revealed that, in spite of the “bold bet” they took in terms of iPhone supply, Apple was short of iPhone supply throughout the quarter; the situation had improved by the time of the earnings call, but the company was still short in some areas. In the conference call, Cook also referred to iCloud as the company’s “big insight” for the next decade.
In his own estimates for the upcoming Q2 results, Asymco’s Horace Dediu had forecasted the following numbers:
- iPhone units: 37.3 million (100%)
- Macs: 4.7 million (25%)
- iPads: 12.2 million (160%)
- iPods: 7 million (-22%)
- Music (incl. app) rev. growth: 40%
- Peripherals rev. growth: 25%
- Software rev. growth: 10%
- Total revenues: $42.7 billion (growth: 73%)
- GM: 44.7%
- EPS: $12.0 (88%)
Apple will provide a live audio feed of its Q2 2012 conference call at 2:00 PM Pacific, and we’ll update this story with the conference highlights. You can find the full press release and a graphical visualization of Apple’s Q2 2012 after the break.
A recap of estimates and product releases happened during the quarter is available here. Read more