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16:38 AAPL Apple beats by $0.11, beats on revs; gu
16:38 AAPL Apple beats by $0.11, beats on revs;
Guides Q4 EPS below consensus, revs below consensus (166.29 +1.14)
Reports Q3 (Jun) earnings of $1.19 per share, $0.11 better than the First Call consensus of $1.08;
Revenues rose 38.0% year/year to $7.46 bln vs the $7.37 bln consensus.
Co issues downside guidance for Q4, sees EPS of $1.00 vs.
$1.24 consensus; sees Q4 revs of $7.8 bln vs.
$8.32 bln consensus.
Gross margin was 34.8 percent (vs flat guidance from Q2 of 32.9%), down from 36.9 percent in the year-ago quarter.
Apple shipped 2,496,000 Macintosh computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter.
The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter.
Quarterly iPhone units sold were 717,000 (vs over 700K guidance) compared to 270,000 in the year-ago-quarter.
16:36 TXN Texas Instruments misses by $0.02, misses on revs;
Guides Q3 EPS below consensus, revs below consensus (28.52 -0.30)
Reports Q2 (Jun) earnings of $0.44 per share, $0.02 worse than the First Call consensus of $0.46;
Revenues fell 2.2% year/year to $3.4 bln vs the $3.39 bln consensus.
Co issues downside guidance for Q3, sees EPS of $0.41-0.47 vs.
$0.51 consensus; sees Q3 revs of $3.26-3.54 bln vs.
$3.56 bln consensus.
The co says demand slowed unexpectedly in June primarily because distributors reduced inventory levels and did not replenish them late in the quarter.
Additionally, Wireless revenue declined in the quarter, continuing its first-quarter weakness.
"We believe this slower demand was due to a mix of reasons, including a weaker economic environment and greater confidence in TI's ability to deliver products within short lead times," Templeton said.
"Our orders were up in the quarter and backlog grew, but we are cautious given the demand environment we just experienced.
If demand strengthens as quickly as it slowed, we are well-positioned to meet it." (stock is halted)
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Brocade buys Foundry Networks for $2.91b
Brocade Communications Systems Inc.
(BRCD) will pay $2.91 billion for Foundry Networks Inc.
(FDRY), a computer-hardware company that Brocade says will expand its product line.
Brocade's shares fell 15% to $7.04 in after-hours trading, while Foundry's jumped 33% to $18.15.
Brocade, which makes switches and software used to connect corporate servers and data-storage systems, agreed to pay $18.50 in cash plus 0.0907 shares of its common stock for each share of Foundry common stock, a total value of $19.25 based on Brocade's closing stock price of $8.27 on Friday.
The deal, expected to boost Brocade's earnings in fiscal 2010, is likely to close in the fourth quarter.
Brocade said it will fund the acquisition with cash from both companies and about $1.5 billion of committed debt financing from Bank of America Corp.
(BAC) and Morgan Stanley (MS).
"Customers are demanding networking solutions that meet the needs for today and can address the many advances in network convergence that are still ahead," said Brocade Chief Executive Mike Klayko.
"Brocade has taken an important step through this acquisition in developing a networking infrastructure strategy that will serve as the foundation for capitalizing on these dynamic opportunities."
Foundry was founded in 1996 and went public in September 1999.
It has about 1,100 employees.
Foundry CEO Bobby Johnson Jr.
Said, "Brocade and Foundry bring complementary strengths to the table in terms of technology leadership, product portfolio and the ability to capitalize on key market trends."
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Apple Forecast Misses Estimates, Sparking Concern About Growth
By Connie Guglielmo
July 21 (Bloomberg) -- Apple Inc.
Forecast profit that missed analysts' estimates, signaling that back-to-school orders and demand for the iPhone may not maintain the company's growth streak.
The shares fell 11 percent in late trading.
Fourth-quarter earnings will be about $1 a share, compared with $1.01 a year earlier, Cupertino, California-based Apple said today in a statement.
Sales will climb to about $7.8 billion in the period, which ends in September.
Analysts in a Bloomberg survey had anticipated $1.24 a share in profit and $8.3 billion in sales.
The forecast raises concern that the U.S.
Economy may eat into surging sales of Apple's Macintosh computer, iPod media player and iPhone.
Back-to-school promotions and costs to introduce new products may reduce profit as well.
Analysts also expressed concern about Chief Executive Officer Steve Jobs's health, which the company called ``a private matter.''
``Maybe there is an expectation of soft demand from schools facing budgetary problems and from consumers running out of their stimulus checks,'' said Michael Obuchowski, a portfolio manager at New York-based Altanes Investments LLC, which began buying Apple shares in 2006.
While Apple typically beats its own projections, the report follows signs from Microsoft Corp.
And Google Inc. that customers are curbing technology spending.
Apple took the slowing U.S.
Economy into account when devising its latest forecast, Chief Financial Officer Peter Oppenheimer said.
Apple fell $17.47 to $148.82 in late trading after closing at $166.29 on the Nasdaq Stock Market.
The shares have dropped 16 percent this year.
Third Quarter
Third-quarter net income climbed 31 percent to $1.07 billion, or $1.19 a share, from $818 million, or 92 cents, a year earlier, Apple said in the statement.
Sales rose 38 percent to $7.46 billion, topping analysts' estimates of $7.36 billion.
Apple sold a record 2.5 million Macs last quarter, wooing buyers with models such as the ultra-slim Air notebook.
Analysts had estimated profit of $1.08 a share in the period, which ended June 28.
Apple, which introduced the original iPhone in June 2007, ran out of inventory in May as it prepared a new version of the wireless device.
The company opted to delay recording sales from phones sold last quarter until it released a software upgrade.
That update accompanied the introduction of Apple's new iPhone 3G in 21 countries on July 11.
The software, which also works with older iPhones, adds support for corporate e-mail and third-party programs.
Since the new phone debuted after the quarter ended, it also wasn't included in today's results.
More Countries
Shoppers bought 1 million iPhones in the device's first three days, Jobs said.
Apple's partners in the U.S., U.K., Germany, Canada and Japan reported that many shops ran out on the first day.
``We are trying to catch the demand,'' Chief Operating Officer Timothy Cook said today on a conference call.
Apple plans to deliver the iPhone to 20 additional countries by Aug.
22, he said. The company expects to bring it to a total of 70 markets this year.
Apple also said Jobs, 53, has no plans to leave the company, declining to discuss his health.
Since Jobs took the stage in San Francisco last month to introduce the new iPhone, attendees and bloggers have speculated that he may be sick.
He had successful surgery for a form of pancreatic cancer in 2004.
Falling Margin
Apple said its gross margin, the percentage of sales left after deducting production costs, will be 31.4 percent in the fourth quarter, down from the 34.2 percent it reported in the third quarter.
Oppenheimer said the back-to-school promotions and an unspecified ``future product transition'' will weigh on the profit margin.
Apple's PC market share rose to 8.5 percent in the U.S.
Last quarter, from 6.4 percent a year ago, said Stamford, Connecticut- based Gartner Inc.
The Mac accounts for about half of the company's sales.
Dell Inc. and Hewlett-Packard Co., which both sell Windows-based PCs, lead the U.S.
Market.
Every extra point of PC market share adds $6 billion to Apple's sales and $1 a share to earnings, according to Kathryn Huberty, an analyst at Morgan Stanley in New York.
Both Mac and iPod sales may have benefited from a tax rebate intended to stimulate the economy, said Toni Sacconaghi, an analyst at Sanford C.
Bernstein & Co. in New York.
He cited reports from U.S.
Retailers that saw a rise in spending after more than 130 million U.S.
Households received checks.
The company said it sold 11 million iPod media players and 717,000 iPhones in the third quarter.
On average, analysts were projecting sales of 10.3 million iPods, 2.2 million Macs and at least 700,000 iPhones, said Gene Munster at Piper Jaffray & Co.
In Minneapolis.
Last week, Google reported a slowdown in the growth of consumers clicking on Web ads and higher-than-expected research and legal expenses.
Microsoft forecast sales and profit that missed analysts' estimates.
To contact the reporter on this story: Connie Guglielmo in San Francisco at cguglielmo1@bloomberg.net
Last Updated: July 21, 2008 18:22 EDT
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