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Apple Profits Grow In Q2

4/26/2007 08:24:00 AM Eastern

Cupertino, Calif. — Apple’s financial results continued to shine with the iPod maker posting a net income increase of $770 million for the fiscal second quarter, ended March 31, almost double the $410 million generated during the same period last year.

Apple’s second-quarter net sales hit the $5.3 billion mark, up from $4.4 billion during the 2006 second quarter. Gross margins were up about five points to 35.1 percent. The quarter was Apple’s most profitable second quarter in the company’s history.

The company’s bottom line was boosted by Mac computer and iPod sales, which had unit sales increases of 36 percent and 24 percent, respectively. Apple said it shipped 1.5 million computers and 10.5 million iPods during the quarter.

“The Mac is clearly gaining market share with sales growing 36 percent — more than three times the industry growth rates,” said Apple CEO Steve Jobs in a written release.

Apple is expected to ship its much anticipated iPhone in June.