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Apple's Q2 2010 is huge with profits up 90% to $3.07 billion

Growth driven by best ever iPhone sales

Apple's Q2 2010 is huge with profits up 90% to $3.07 billion
Apple [NASDAQ: APPL] has announced its Q2 2010 financials, which are the company's best non-holiday (read Christmas) quarter ever.

Revenue for the three months ending March 27, was $13.5 billion, up 49 percent year-on-year.

Net profit was $3.07 billion, up 90 percent year-on-year.

This was mainly driven by iPhone sales of 8.75 million units, a growth of 131 percent year-on-year. Apple reckons it gets around $600 per iPhone sold, excluding accessories and other revenue.

Now iPhones are sold across 151 carriers in 88 countries.

International growth

This was highlighted with iPhone sales in the Pacific region up 470 percent, Europe up 131 percent - thanks in particular to the addition of Vodafone as a carrier in the UK and Ireland - and Japan over 100 percent. In total Apple added eight new carriers during the quarter for iPhone.

In terms of revenue, $5.3 billion was due to iPhone hardware sales.

Apple sold 10.89 million iPods of all types during the quarter, representing a one percent unit decline compared to Q2 2009.

As iPad didn't launch until April 3, it did feature in the earnings.

Rolling in cash

The company's gross margin was 41.7 percent, up from 39.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter's revenue.

The company ended the quarter with $41.7 billion in cash, short and long-term investments.

"We're thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent," said Steve Jobs, Apple's CEO.

"We've launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year."

[source: Apple]

Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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