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Apple to Release Q2 2009 Financial Results on April 22nd

Flore said:
Apple balance sheet shows cash at hand of around $12Bn.

On the other hand there is a lot of short term investments, which in total then make up $35Bn. In addition Apple has some non current assets totaling around $5Bn.
Market cap is not the point in this aspect.
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I didn't mean to lump marketcap so closely -- but $25 billion is still the amount that is considered cash. Short-term investments count as cash for investment purposes. $25 billion is the amount that people quote for cash reserves, and the amount that Apple could use if it wanted to make an acquisition of...let's say...Adobe or Dell! 🙂
 
sgbett said:
I'm not an analyst either but everyone and their aunt knows 'cash' is $25bn...

In Millions of USD (except for per share items)
As of 2008-12-27
Cash & Equivalents 7,236.00
Short Term Investments 18,411.00
Cash and Short Term Investments 25,647.00

You are reading total current assets - $10bn of which isn't readily available hence not considered 'cash'.
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Sorry I was referring to yearly numbers. e.g Sept 08.
 
I suspect with the recent news about marketshare losses in the US, apple might only narrowly meet the guidance. The foreign markets will have taken a battering owing to the recent price hikes. Most of the ppl I know who were saving up for a mac desktop in the UK, didn't bother getting one when they came out, because the prices jumped 30%. European posters on the forum seemed similarly annoyed despite their currency remaining buoyant whilst the pound tanked. The prices here are now so skewhiff that the cheapest mac with dedicated gfx is actually a mbp at £1369, since the iMac costs £1499. In the US, that same iMac is $200 less than the baseline MBP at $1999. Obviously, the laptop prices will rise again in September if the exchange rate doesn't improve, but that won't matter so much to ppl if they have a quad core model. The real sting with the last swathe of updates was that they were a step-back in many ways, ie putting integrated gfx in the low-end iMacs and the whole hyperthreading thing.

I know an IT manager who was planning on switching entirely to Mac Pros, but having waited for the new models, found that he was having to pay more for 8 virtual cores than he was 15 months earlier for 8 real ones. You might think the situation was more acute here because of the exchange rate debacle, but there's a reason Microsoft has changed tack with their advertising approach, and that may begin to hurt either this quarter or the next.
 
Eric S. said:
Recession catches up with Apple?

Apple to concede Mac sales shrinkage tomorrow, analyst predicts
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Nope. Just with analysts who have no clue what they're talking about. They're taking numbers that by themselves are very good considering the economy, and making them out as some horrible plague that has finally "caught up" with Apple. Apple's doing just fine.

My favorite part was the expectation that iPods were down 50% from the year-before quarter. That's a load of bull.

jW
 
Mal said:
Nope. Just with analysts who have no clue what they're talking about. They're taking numbers that by themselves are very good considering the economy, and making them out as some horrible plague that has finally "caught up" with Apple. Apple's doing just fine.

My favorite part was the expectation that iPods were down 50% from the year-before quarter. That's a load of bull.

jW
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I think you misread the article. He said that iPod sales will be down 50% off Q4 2008 because iPods always do well at Christmas. It is widely held throughout the business world that consumer spending saw its biggest drop immediately after Christmas as many people tried not to let the recession affect their holidays, and only tightened their belts once the credit card bills came in, so the drop in iPod sales could be even more severe. He only mentions the year-ago quarter with respect to mac sales.

I realize most analysts talk a load of BS mainly cobbled together from tidbits from MR and its rivals coupled with their own idle speculation, but the numbers suggested here seem pretty plausible. Besides, he seems pretty positive about Apple in the longterm. And the article barely even touches on the classic "iPhone nano" rumour.
 
The first quarter 2009 will be particularly bad for every company because of the very steep dropoff from the end of Christmas sales and the fact the stock market took a major nosedive during February.

But I expect Apple sales to rebound as the iPhone is replaced by a new model (maybe new models) by July 2009 and as the iPod models get their yearly "hardware refresh" in September 2009.

One personal prediction: Apple will keep the current iPod nano design, but the new models will be 16 GB low end and 32 GB high end. The 16 GB models will have the full spectrum of case colors like now, but the 32 GB models will be limited to black, silver and Product Red colors. We may see 64 GB and 128 GB iPod touch models based on the next-generation iPhone, essentially ending the legacy of the iPod classic models.
 
Deferred Revenue + 1.6M IPhones sold by ATT

Deferred revenue for the IPhone should be significant this quarter, since the full price of the IPhone ($500-$600) shows up on the balance sheet as 1/8th of the price over 8 quarters after the sale of the phone. With well over 17M phones in circulation, the deferred revenue could be well over a $1B with a deferred profit of up to $1.00/share.


ATT announced quarterly earnings this morning stating they've activated 1.6M IPhones last quarter, slightly less than the holiday quarter in which they sold 1.9M phones:

http://finance.yahoo.com/news/ATamp...96415.html?sec=topStories&pos=7&asset=&ccode=

AT&T added a net 875,000 customers under contract in the first three months of the year, hundreds of thousands more than expected by analysts. Of the new customers, about three-quarters chose the iPhone, for which AT&T is the exclusive U.S. carrier.

The iPhone has been a drag on AT&T's earnings since last summer, when the latest model, the "3G," launched. AT&T has been subsidizing each phone by hundreds of dollars, with the aim of making its money back on service fees, since iPhone users pay 60 percent more per month than other customers.

That strategy started to pay off in the first quarter. Margins in the wireless business are now back almost to where they were before the launch of the iPhone 3G, despite the sale of 1.6 million iPhones in the quarter. The sales figure includes customers switching from other AT&T phones. Sales were down from 1.9 million from the fourth quarter, but were strong for a non-holiday quarter without a new iPhone model.
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Best March Quarter Revenue and Earnings in Apple History

PRNewswire said:
CUPERTINO, Calif., April 22 /PRNewswire-FirstCall/ -- Apple(R) today announced financial results for its fiscal 2009 second quarter ended March 28, 2009. The Company posted revenue of $8.16 billion and a net quarterly profit of $1.21 billion, or $1.33 per diluted share. These results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per diluted share, in the year-ago quarter. Gross margin was 36.4 percent, up from 32.9 percent in the year-ago quarter. International sales accounted for 46 percent of the quarter's revenue.[/QUOTE=PRNewswire]
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Apple Reports Second Quarter Results

Best March Quarter Revenue and Earnings in Apple History

CUPERTINO, California—April 22, 2009—Apple® today announced financial results for its fiscal 2009 second quarter ended March 28, 2009. The Company posted revenue of $8.16 billion and a net quarterly profit of $1.21 billion, or $1.33 per diluted share. These results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per diluted share, in the year-ago quarter. Gross margin was 36.4 percent, up from 32.9 percent in the year-ago quarter. International sales accounted for 46 percent of the quarter’s revenue.

In accordance with the subscription accounting treatment required by GAAP, the Company recognizes revenue and cost of goods sold for iPhone™ and Apple TV® over their estimated economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures* for the quarter are $9.06 billion of “Adjusted Sales” and $1.66 billion of “Adjusted Net Income.”

Apple sold 2.22 million Macintosh® computers during the quarter, representing a three percent unit decline from the year-ago quarter. The Company sold 11.01 million iPods during the quarter, representing three percent unit growth over the year-ago quarter. Quarterly iPhone units sold were 3.79 million representing 123 percent unit growth over the year-ago quarter.

“We are extremely pleased to report the best non-holiday quarter revenue and earnings in our history,” said Peter Oppenheimer, Apple’s CFO. “Apple’s financial condition remains very robust, with almost $29 billion in cash and marketable securities on our balance sheet. Looking ahead to the third fiscal quarter of 2009, we expect revenue in the range of about $7.7 billion to $7.9 billion and we expect diluted earnings per share in the range of about $.95 to $1.00.”
 
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