Apple Posts $38 Million Profit

Apple Computer posted a $38 million profit for its first fiscal quarter of 2002, directly in line with analysts’ expectation for the company. Despite an aging product line, Apple shipped 746,000 Macs and 125,000 iPods during the quarter, and posted revenue of $1.38 billion on gross margins of 30.7 percent. International sales accounted for 48 percent of Apple’s sales. Notably, Apple said initial orders for the newly redesigned G4 iMac were greater than expected, and they expected revenue would rise in the second fiscal quarter of the year – highly unusual for a computer maker in the current sluggish economy.