Apple Computer Inc. blew away analyst forecasts Wednesday, reporting second quarter income of US$40 million, excluding non-recurring charges, down from $233 million a year ago, with international sales accounting for nearly half of the company's sales in the quarter.
The income translates into $0.11 per diluted share, down from $0.64 per share the company posted in the second quarter of 2000.
The results, however, beat by $0.10 the consensus estimate of analysts polled by First Call/Thomson Financial. Those analysts reduced their consensus by a penny just last week.
Revenue for the quarter, which ended March 31, was $1.43 billion, down 26 percent year-on-year, Apple said in a statement.
Including non-recurring items, Apple posted income of $43 million and earnings of $0.12 per diluted share. The non-recurring items include an after tax gain of $89 million coming from the sale of approximately 23 million share of ARM Holdings PLC and an after-tax charge of $86 million related to the write down of certain equity investments, the company said in a statement.
Apple, which shipped 751,000 Machintosh units during the quarter, was satisfied with the numbers.
"Apple returned to profitability in this tough economic climate by launching several new products," Steve Jobs, Apple's chief executive officer, said in the statement. Apple launched the Titanium PowerBook G4 and Mac OS X, among other products during the quarter.