Apple racks up another monster profit

Robert Clark
21 Jul 2010
00:00

Apple may be taking some lumps over the iPhone antenna, but it continues to mint huge piles of cash.

The company’s array of smart and sexy devices drove earnings 78% higher in the second quarter, beating Wall Street estimates.

It sold a record 3.47 million Macs in the quarter, up 33% from a year ago, 8.4 million iPhones – up 61% - and 3.27 million units of its new hit, the iPad.

“It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple’s history with iPhone 4,” said CEO Steve Jobs.

The company announced net profit of $3.25 billion on record sales of $15.7 billion, 61% higher than the year-ago quarter.

Its gross margin of 39.1% was down slightly from the 40.9% a year ago, possibly as a result of the iPad, which has a lower margin than the Mac or the iPhone.

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