Apple Reports Third Quarter Results – iPhone Sales Set New June Quarter Record

Apple on Tuesday announced financial results for its fiscal 2013 third quarter ended June 29, 2013. The Company posted quarterly revenue of $35.3 billion and quarterly net profit of $6.9 billion, or $7.47 per diluted share. These results compare to revenue of $35 billion and net profit of $8.8 billion, or $9.32 per diluted share, in the year-ago quarter. Gross margin was 36.9 percent compared to 42.8 percent in the year-ago quarter. International sales accounted for 57 percent of the quarter’s revenue.

The Company sold 31.2 million iPhones, a record for the June quarter, compared to 26 million in the year-ago quarter. Apple also sold 14.6 million iPads during the quarter, compared to 17 million in the year-ago quarter. The Company sold 3.8 million Macs, compared to 4 million in the year-ago quarter.

Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the Company’s common stock. The dividend is payable on August 15, 2013, to shareholders of record as of the close of business on August 12, 2013.

“We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services,” said Tim Cook, Apple’s CEO. “We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”

“We generated $7.8 billion in cash flow from operations during the quarter and are pleased to have returned $18.8 billion in cash to shareholders through dividends and share repurchases,” said Peter Oppenheimer, Apple’s CFO.

Apple is providing the following guidance for its fiscal 2013 fourth quarter:
revenue between $34 billion and $37 billion
gross margin between 36 percent and 37 percent
operating expenses between $3.9 billion and $3.95 billion
other income/(expense) of $200 million
tax rate of 26.5%

Apple will provide streaming of its Q3 2013 financial results conference call on July 23, 2013 for approximately two weeks at:

Apple’s Cash Hoard Could Repay Detroit’s Debt Eight Times Over

Quartz’s Tim Fernholz notes that Apple’s record researve of $146.6 billion in cash and marketable securities could repay Detroit’s $18.5 billion debt eight times over, a comparison that zeros in on how the US is handling its transition from an industrial economy to a “knowledge” economy: unequally.

Fernholz deduces that Apple’s cash hoard has grown for two reasons: First, its executives apparently can’t think of a business plan worth investing the money in, and secondly, they don’t want to pay US corporate taxes on repatriated earnings of $106 billion that are being kept offshore according to Tuesday’s Apple earnings call in hope that tax reform or a temporary tax holiday will make it possible to bring profits back to the US at lower rates.

Strong Sales Of All-Day Battery life MacBook Airs Give Model Its Best Launch Yet

AppleInsider Staff report that during Apple’s quarterly conference call for the company’r fiscal third quarter of 2013, CFO Peter Oppenheimer revealed the recently refreshed MacBook Air saw its strongest launch since the model was introduced in 2008, despite an overall drop in Mac system sales.

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