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Apple Reports Third Quarter Results

Sales of 31 Million iPhones Set New June Quarter Record  —  Apple® today announced financial results for its fiscal 2013 third quarter ended June 29, 2013.  The Company posted quarterly revenue of $35.3 billion and quarterly net profit of $6.9 billion, or $7.47 per diluted share.

Apple

Context & Ripple Effects

The June 2013 quarter extends a reporting cadence that goes back through earlier prints like the July 2006 third-quarter results and the October 2011 fourth-quarter blowout, but the shape of this one is new: a record 31.2M iPhones (up 20%) sitting alongside 14.6M iPads (down 14.1%) and, as TechCrunch charted it, effectively no year-over-year growth. The pickup across The New York Times, AllThingsD, BGR, 9to5Mac and others shows how much interpretive weight the market now loads onto each quarterly print while Apple's growth story is in question.

The report lands mid-cleanup rather than mid-launch: Apple has kept its developer center offline all week overhauling security after disclosing an intrusion that may have exposed developer contact details, blocking SDK and iOS 7 beta downloads, days after acquiring location-data firm Locationary.

First-order effects

  • Apple posts a June-quarter record 31.2M iPhones and $35.3B in revenue, but the year-over-year profit decline means the headline beat rests on iPhone units masking an iPad line shrinking 14.1%.
  • Investors and analysts parsing the print must now price two diverging businesses: one still setting unit records, one whose flagship tablet is contracting.

Second-order effects

  • Flat top-line growth sharpens scrutiny of the unconfirmed reports that Apple and its Asian suppliers are testing larger iPhone and iPad screens — the form-factor lever left unplayed while unit economics flatten.
  • Suppliers betting on Apple's tablet volumes face a softer demand signal than the phone side, pressuring component ordering assumptions across the Asian supply base.

Third-order effects

  • If the pattern holds, Apple's growth model shifts from riding category adoption to defending share through refreshes — bigger screens, plus rumored pushes like television that depend on cooperation with incumbent media players.
  • Quarterly reports become referendum moments on whether an installed-base giant can find a second growth curve, raising the stakes of each disclosure cycle for Apple and every hardware peer benchmarked against it.

The trend: Apple's quarterly disclosures are tracking the transition from hypergrowth smartphone-and-tablet adoption to a maturing installed-base business whose next leg depends on new form factors and categories.

Related: Apple · Revenue per active device · Apple Reports Fourth Quarter Results

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