Apple reports $61 million profit

Apple today beat the street reporting a 17-cent per share profit or $61 million net. These results compare to a net profit of $200 million, or $.55 per diluted share, achieved in the year ago quarter. Revenues for the quarter were $1.475 billion, down 19 percent from the year ago quarter, and gross margins were 29.4 percent, compared to 29.8 percent in the year ago quarter. International sales accounted for 44 percent of the quarter's revenues.

"We had a great education quarter, with significant year over year growth, and a great iBook quarter, shipping over 182,000 of our new wildly popular consumer and education notebooks," said Steve Jobs, Apple's CEO. "Perhaps the most strategic event of the quarter was the launching of Apple Retail Stores, with the very successful openings of our first two stores, and plans to open 23 more in 2001."

"We're delivering solid profitability while maintaining lean channel inventories in a weak economic environment," said Fred Anderson, Apple's CFO. "Our balance sheet remains very strong, with over $4.2 billion in cash, and we are targeting a slight sequential increase in revenues and earnings per share in the September quarter."

The company also reported they shipped 827 thousand Macintosh units during the quarter.

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