Apple Inc. (NASDAQ:AAPL)’s iTunes Music store it seems, already received a gift for its upcoming 10th anniversary on Sunday, as the store garnered a record smashing revenue of over $4.1 billion in the second quarter of 2013. Apple Inc. (NASDAQ:AAPL) digital storefront store includes music, videos, apps, and e-books.
The revenue adds to the $9 billion posted by iTunes over the previous years and also comprises of services such as iOS App store. Revenue for iTunes media came in at $2.4 billion, an increase of 28 percent year over year; whereas the revenue recorded by combined app and services came in at $4.1 billion, an increase of 30 percent over the previous year.
Michael Mauboussin: Here’s what active managers can do
The debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More
Peter Oppenheimer, Apple Inc. (NASDAQ:AAPL) CFO, stated that according to a research 74 percent of the app sales across all the platforms, including Google Play and Android, were captured by iOS App Store. According to Oppenheimer, 800 apps are downloaded every second, which means in a day this number reaches around 70 million downloads.
App store is now accessible by 90 percent of the world’s population and is available in 155 countries, told CFO. The iOS app consists of above 850,000 apps and out of which 350,000 are designed exclusively for the iPad.
In the second quarter of fiscal 2013, the offerings from iTunes totals to 35 million songs in 119 countries, 60,000 movies in 109 countries and 1.7 million iBook titles.
As per the Smartphone maker, the total payouts given to the app makers is $9 billion after launching of the App Store initiative in 2008, and as of now the total expenditure in paying app makers comes at $1 billion per quarter.
Apple Inc. (NASDAQ:AAPL) posted its second quarter result for fiscal 2013. The sales increased to $43.6 billion from $39.2 billion in the previous year. The profit for Apple Inc. (NASDAQ:AAPL) came in at $10.09 per share. The analysts estimated sales at $42.59 billion and profit at $10.07. Gross margin for the second quarter came in at 37.5 percent down from the analyst’s estimate of 38.5 percent.
As of now, Apple Inc. (NASDAQ:AAPL) has a cash balance of $145 billion. According to the board of the company, the $45 billion cash return program will be more than doubled, and the amount set aside for share repurchase and buybacks will be $100 billion by the end of 2015. The iPhone maker sold 37.4 million iPhone’s, up from 35 million units last year.