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14 September 2019

Apple: Recession? What recession?

imac-apple-logo.jpgApple’s 2009 second quarter earnings announcement today defied the term recession in every way possible.  While companies around the globe struggle to meet revenue expectations, Apple blew away Wall Street forecasts in both revenue and net income.

Ending March 28, Apple earned $8.16 billion in revenue, up from $7.5 billion in the same period last year and well beyond the $7.96 billion expected by Wall Street.  Net income was $1.21 billion, $1.33 per share, also well above the $1.09 per share Wall Street forecast.

While Mac sales were down, iPhone activations numbered 3.79 million for the quarter.  Combined with iPod Touch sales, which have doubled since last year–thanks in part to American soldiers–Apple has now sold 37 million of the two devices combined.  As per usual, acting chief executive Tim Cook provided guidance below Street expectations for Q3.

Interestingly, Cook also continued to rail against the rumored Apple netbook, saying–my words here–that the software, hardware, and everything else about them is crap.  He didn’t, however, entirely deny the possibility saying the company would pursue opportunities if they arise.  Given some of the telling signs in the company’s supply chain lately, I would say that Apple is busy experimenting with something in San Cupertino.  Cook also revealed that a cheaper iPhone model or at the very least a price cut is in the near future, but a Verizon iPhone isn’t.  At least not until the American wireless provider joins AT&T and T-Mobile in rolling out its 4th generation Long Term Evolution (LTE) network.  Oh, and as for Steve Jobs?  Cook says the man will be back at work come the end of June.


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