Wednesday, April 25, 2007
Apple Inc. (AAPL) released their second quarter numbers today and after hours has the stock trading in the $101.50+ range...oofah...Profits are up "88% on lower component costs and sales of MacBook laptops and iPod digital media players." Net income for the 2Q jumped to 87 cents per share from 47 cents per share!! Beating Apple's own forecast ("which tends to be cautious") of 54-56 cents. "'The numbers were pretty unbelievable,' said Chris Armbruster, an analyst at Al Frank Asset Management in Laguna Beach, California. The firm manages about $900 million and owns Apple shares. "The biggest thing that jumps out at me was their gross margin." 'Gross margin, the percentage of sales left after excluding production costs, widened to 35.1 percent in the quarter from 29.8 percent a year earlier. Most analysts expected 30 percent, said Shaw Wu at American Technology Research in San Francisco."