Apple Announces 3Q Results
Cupertino, Calif. On Monday, Apple chief executive Steve Jobs reported the “best June quarter for both revenues and earnings in the company’s history.”
Total revenues for the quarter were $7.46 billion, up from $5.41 billion in third quarter 2007. Net profit for the quarter was $1.07 billion compared to $818 million in the same period last year.
Products that led the growth were Macintosh computers, iPods and iPhones. During third quarter, Apple sold 2.49 million Macintosh computers, more than 11 million iPods and 717,000 iPhones (compared to 270,000 iPhones in the year-ago quarter.) –
Jobs also noted that the company anticipates the new iPhone 3G will be a “real winner.”
Apple’s CFO, Peter Oppenheimer, stated, “We’re extremely pleased with the growth of our business and the generation of almost $5.4 billion in cash in the first three quarters of fiscal 2008. Looking ahead to the fourth quarter of fiscal 2008, we expect revenue of about $7.8 billion.”
Study: Decrease in back-to-school spending expected
NEW YORK Consumers plan to cut back on back-to-school spending due to higher costs of food and gas. According to a Deloitte survey, 71% of respondents said they plan to spend less on back-to-school items this year. Almost half (48%) plan to reduce their household spending by more than $100.
The survey results indicate that, this year, the vast majority of consumers (88%) will do their back-to-school shopping at discount/value department stores. Almost four in 10 (37%) will shop at dollar stores, and almost one-third (32%) will shop at office supply/computer stores.
Sam’s targets cost-conscious collegiates
BENTONVILLE, Ark. Sam’s Club is now offering students with a valid college ID and collegiate e-mail address a year-long membership for $40 and a $15 gift card to help offset the cost of their first purchase.
In addition, each collegiate membership includes a complimentary add-on card so other students can share the savings.
The new college membership cards, according to Sam’s Club, is its way of addressing concerns about rising costs of education. According to a survey commissioned by Sam’s Club, 66% of Americans felt tuition was the biggest concern as the school year begins. Furthermore, 85% felt that one-stop-shopping at places such as warehouses lead to the greatest savings when purchasing items for college.
“We’ve always had a great relationship with college administrators and many of our clubs serve college towns, this new college specific membership will help us answer the needs of both parents and students, as they return or go to campus for the first time, and to make the most of their budgets,” said Mike Turner, vp of membership at Sam’s Club.