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Edition: U.S. Article Comments (0) Video Technology Apple crushes forecasts again, iPad backlogged iPhone boosts Verizon customers, hurts profit Verizon evaluating whether to distribute PlayBook Q+A: RIM's PlayBook, worth the wait? Nokia Q1 beats forecasts, nails Microsoft deal Apple phone revenues beat Nokia: Strategy Analytics Amazon launches German e-book store Oracle versus Google patent trial likely by November Video: Royal Wedding 2.0 - you're invited Follow Reuters Facebook Twitter RSS YouTube Read Lawsuits fly in BP's Gulf spill blame game 9:50am EDT Apple crushes forecasts again, iPad backlogged 6:39am EDT GE's profit beat fails to stir Wall Street 10:49am EDT Apple to ship new iPhone in September: sources | 20 Apr 2011 Mortars pound Misrata as West talks of tougher action | 11:55am EDT Discussed 97 Palin returns with feisty, anti-establishment speech 48 Budget vote shows challenge for Boehner, Obama 42 Obama private comments show fight with Republicans Watched VW unveils new sporty Beetle Mon, Apr 18 2011 Apple, AmEx, Yum top forecasts 3:38am EDT Oscar-nominated director killed in Libya 6:05pm EDT SMALL BUSINESS Entrepreneur's Edge: Instant translation on your smartphone When Otavio Good released the first video of his Word Lens translation app in use, it became a viral phenomenon. Since then he's been busy recruiting programmers to help roll it out to include more languages beyond the original Spanish. Full Article | Video New app calculates calories through photos of food Common budget mistakes for tech startups Apple crushes forecasts again, iPad backlogged Tweet Share this By Poornima Gupta and Noel Randewich SAN FRANCISCO (Reuters) - Apple Inc's results smashed Wall Street's expectations after iPhone and Mac sales scaled new heights while iPad supplies could not keep up with roaring global demand. Shares of the... Email Print Related News Instant View: Apple smashes expectations and shares rise Wed, Apr 20 2011 Analysis & Opinion Tech wrap: Apple raises the earnings bar Live Coverage: Will Apple finally disclose iPad 2 sales figures? Related Topics Technology » Media » iPad » Steve Jobs » Stocks Related Video Apple, AmEx, Yum top forecasts 3:38am EDT A young customer looks at Apple's iPad 2 in Zurich, March 25, 2011. Credit: Reuters/Christian Hartmann By Poornima Gupta and Noel Randewich SAN FRANCISCO | Thu Apr 21, 2011 7:50am EDT SAN FRANCISCO (Reuters) - Apple Inc's results smashed Wall Street's expectations after iPhone and Mac sales scaled new heights while iPad supplies could not keep up with roaring global demand. Shares of the world's most valuable technology corporation rose 3 percent after it said a record 18.65 million units of the category-defining iPhone -- its flagship product -- moved in the March quarter, outpacing the 16 million or so expected. Apple sold just 4.69 million iPads -- which command an 80 percent share of a burgeoning tablet market in which Motorola Inc and Samsung Electronics also compete -- but investors argued that would not detract from strong long-term demand. But investors largely ignored the lower-than-expected sales for iPads during the quarter as company executives said they were scrambling to meet "staggering" demand and were heavily backlogged for now. "I'm not going to predict when supply and demand will come into balance," Chief Operating Officer Tim Cook said. "I can only be confident on supply side." Apple's iPad 2 dominated the nascent market for tablets with competing products like Research In Motion's PlayBook receiving poor reviews from customers and experts. The stellar results on Wednesday came as concern is growing over how component supply constraints after Japan's earthquake and tsunami would squeeze margins and restrain iPhone and iPad sales in coming months. "Dynamite numbers across the board. The only hiccup is lower than expected iPad numbers," said Capital Advisors Growth Fund portfolio manager Channing Smith. "We can attribute some of the weakness to stocking issues at some of the retail outlets and obviously the supply chain issue in Japan. Unfortunately, the supply chain issue will likely persist for the coming months but once we get past summer and the supply chain issues are resolved it's all systems go again for Apple." Apple executives told analysts on a conference call they foresaw a hit to revenue this quarter of about $200 million -- less than 1 percent of projected global quarterly sales -- but expected no cost impact. The company, known for its tight relationship with Asian suppliers, stands at the head of the queue for electronics components even if the supply crunch continues. Japan accounts for an estimated 6 percent of overall revenue. "We source hundreds, literally hundreds, of items from Japan, and they range from components such as LCDs, optical drives, NAND flash and DRAM, to base materials such as resins, coatings," Cook said. Apple did see some revenue impact from the crisis during the second quarter but it was not material to the results, Cook said, adding that he does not see any unsolvable problems related to the disaster. On rising prices for memory chips, Cook said he felt "good" for the third quarter as the company does not typically buy in the spot market. "Beyond Q3, I'm saying I'm not sure because it's tough to see that far," he said. IPAD SALES MISS TARGETS The March quarterly report was Apple's first under the stewardship of Cook after Chief Executive Steve Jobs went on his third medical leave in January. Cook, who is known as an operations and supply chain maven, said his boss -- who has undergone a liver transplant and survived a rare form of pancreatic cancer -- still played an active role in important decisions. "He is still on medical leave but we do see him on a regular basis. He continues to be involved in major strategic decisions. I know he wants to be back full time as soon as he can," Cook told analysts. Apple's iPad sales in the quarter fell well short of Wall Street's expectations: some analysts had projected shipments of closer to or even more than 6 million for the tablet computer launched on March 11. But the lower-than-expected number could be attributed to the fact that Apple recognizes revenue from its stores when its customers receive the products. The initial wait time for the iPad 2 was four to five weeks. "We sold every iPad 2 we could make and the demand was stunning," Apple Chief Financial Officer Peter Oppenheimer told Reuters in an interview. Apple's results come as it prepares to build the next iPhone model with a faster processor, which will begin shipping in September, three people with direct knowledge of the company's supply chain said on Wednesday. Cook declined to comment on launch plans for the next iPhone. It reported a net profit of $5.99 billion, or $6.40 a share, while revenue surged 83 percent to $24.67 billion. That surpassed expectations for $5.37 in earnings and $23.4 billion of revenue. A large spike in sales of Mac computers, driven by the refreshed MacBook Pro, beefed up March-quarter earnings. Apple said it sold 3.76 million Macs, up 28 percent from a year ago. Gross margins in the fiscal second quarter came to 41.4 percent, above Wall Street's average forecast of 39.03 percent. Apple, which generally provides an ultra-conservative forecast, said it expected June quarter earnings of $5.03 a share on revenue of about $23 billion. "IPad shipments were significantly lower than my estimates I think because of supply constraints," said Gabelli & Co analyst Hendi Susanto. "What impressed me was the gross margin." Shares of Apple rose 3 percent to $353.67 after hours, from a regular session close of $342.41 on Nasdaq. They had fallen about 3 percent since Japan's quake. The company's stock -- which is trading at roughly 18 times forward earnings, versus 19 times for Google and 10 times for Microsoft -- is considered a must-have in any technology portfolio. (Additional reporting by Jennifer Saba and Yinka Adegoke in New York, writing by Edwin Chan; Editing by Edwin Chan and Richard Chang) Technology Media iPad Steve Jobs Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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