Strong hardware sales boost Apple's quarterly earnings

Despite weak growth in iPod shipments, computer sales were solid

By Agam Shah

April 23, 2008 12:00 PM ET

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IDG News Service - Apple Inc. on Wednesday reported strong earnings for the second quarter of 2008, with Macintosh computer sales overriding weak growth in iPod shipments.

The company's net revenue was $7.51 billion for the quarter that ended March 29, a 43% rise from last year's second quarter. Analysts polled by Thomson Financial had estimated that revenue would be $6.96 billion for the quarter.

The company's net profit was $1.05 billion, a rise from the $770 million it reported last year. Earnings per share were $1.16.

Apple shipped 2.3 million Macintosh computers, a 51% rise in units and 54% revenue growth from the year-ago quarter. It sold 10.6 million iPods, a 1% growth in units and 8% growth in revenue from a year ago.

IPhone sales for the quarter were 1.7 million.

Developing story. more to come.

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