Apple posts improved Q2 results on back of iPhone

Apple bucked the market with its latest quarterly results, showing a 15% rise in profits from last year.

The company posted net quarterly profit of $1.21 billion. Revenues were up to $8.16bn, against $7.51bn in the same quarter last year.

Sales of Macintosh computers declined by 3%, to 2.22 million units, the first time sales of Macs have declined in six years, although iPod sales were up 3% to 11.01 million and iPhone sales grew 123% to 3.79 million units.

Peter Oppenheimer, Apple’s CFO commented: “We are extremely pleased to report the best non-holiday quarter revenue and earnings in our history. Apple’s financial condition remains very robust, with almost $29 billion in cash and marketable securities on our balance sheet. Looking ahead to the third fiscal quarter of 2009, we expect revenue in the range of about $7.7 billion to $7.9 billion and we expect diluted earnings per share in the range of about $.95 to $1.00.”

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