Apple’s shares seem to be on an elevator ride to heaven right now. As of writing this update shares in AAPL are at US$258, having risen more than $14 dollars today alone. Yet another all time high!
This is off the back of very impressive second quarter earnings for what is now the biggest tech company in Silicon Valley. Apple’s phone business has gone through the roof, and the company is now working with 151 phone companies in 88 countries.
iPhone sales have grown by between 183% (in Japan) and 470% (in Asia) giving an overall growth in Apple’s iPhone business of around 200% year over year.
This quarter has been the strongest iTunes sales quarter ever, with revenues of $1.1 billion dollars. There are 185,000 apps in the App Store, 3,500 of them for the iPad already, and some 12 million songs.
The iPod still retains a 70% market share, which continues to grow year-over-year in every country, particularly the UK and Japan.
iPad demand, as we all know, is very healthy according to Apple, and has “far exceeded” the company’s expectations. And they are bullish about how many they will sell moving forward, over and above the half a million already sold of the Wi-Fi only version to date.
Oh, and they’ve sold a few computers too! 300 million units/year. Remember those! Even Apple TV sales are up by 34% year-over-year. But Apple did admit that was 34% of a relatively small number, when compared to other products.
Apple is currently sitting on just over 40 Billion Dollars of cash and investments.
And there is yet more to come. Steve Jobs teased about new products in the company’s earnings press release, saying:
We’re thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent.
We’ve launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.
Whilst ever the businessman, rather than the showman, Peter Oppenheimer, Apple’s CFO had this to say :
Looking ahead to the third fiscal quarter of 2010, we expect revenue in the range of about $13.0 billion to $13.4 billion and we expect diluted earnings per share in the range of about $2.28 to $2.39.
For those that are interested the full conference call is available from Apple’s website at this URL: [apple.com]
And if hard numbers in black and white are your thing then there is this PDF: [images.apple.com]
Some analysts are predicting Apple will go through the $300 per share mark by years end.
Let us know in the comments if you think this impressive growth for Apple will continue, or if the only place from this high up is down again? I know which my bet is on!