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Apple Posts $61 Million Q3 Profit

Apple Posts $61 Million Q3 Profit — Apple posted a $61 million profit during its third fiscal quarter of 2001, meeting analysts’ expectations, although the company warned that the current economic slowdown could cause future revenue to fall short of forecasts. Apple’s sales for the quarter were $1.475 billion, down over 29 percent from the same quarter a year ago, but up from the previous quarter’s $1.43 billion. Apple says it shipped 827,000 Macs at a profit margin of 29.4 percent, with international sales accounting for 44 percent of the total. The company maintains more than $4.2 billion in cash, and Apple offset a one-time $7 million charge for its acquisition of PowerSchool, Inc., a Web-based student information system, with $7 million in investment income. Compared to other computer makers, Apple stock has been faring well recently, buoyed in part by the high-profile opening of retail stores, the record-setting debut of the new iBook, and strong sales in education. [GD]

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