Apple (AAPL:Nasdaq - news - research) beat Wall Street's expectations for the second quarter by 4 cents, tripled its net income and boosted revenue by 29%, the computer maker said after the bell on Wednesday.
After hours, Apple shares were recenly up $2.56, or 9.6%, to $29.20. In regular trading, the stock fell 29 cents, or 1%, to close at $26.64.
For the quarter, the company posted a net profit of $46 million, or 12 cents per diluted share, according to generally accepted accounting principles. These results compare to a net profit of $14 million, or 4 cents per diluted share, in the year-ago quarter. Revenue for the quarter was $1.90 billion, up 29% from a year ago.
Without an after-tax restructuring charge of $7 million, the company would have earned 14 cents a share, compared to the 10 cents expected by analysts polled by Thomson First Call.
Looking forward, the company now expects third-quarter profit of 12 cents to 13 cents, including another 2-cent restructuring charge on sales of about $1.925 billion. Wall Street was expecting pro forma earnings of 9 cents on sales of $2.01 billion.
Merely meeting expectations wouldn't have been enough for investors who pushed Apple shares up by 28% so far this year as of Tuesday's close, markedly better than the Nasdaq Composite as a whole (up about 1%) or the big kahuna of the Windows-based computer world -- Dell (DELL:Nasdaq - news - research) , up just 4%.
One explanation for the difference: Apple's resounding success in the world of online music and related consumer devices. "Mac sales are holding their own, but the story is a dramatic increase in products other than computers," said Needham analyst Charles Wolf. Needham does not have a banking relationship with Apple.
Sales of items other than computers represented 11.2% of Apple's revenue in 2001, by 2003 those sales rose to 27.6%, and in the consumer-oriented December quarter the number reached 36.7%, Wolf said.
The company shipped 807,000 iPods during the quarter, a 909% increase over last year. Sales of Macintosh computers were up 5% in the same period
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