Apple has reported a 40 per cent drop in net profit for the third quarter of its 2003 financial year, compared to the same quarter last year.
The company posted a Q3 net profit of $19m, compared to $32m in Q3 2002.
But revenues for the quarter totalled $1.5bn, up eight per cent from the year-ago quarter and up five per cent sequentially.
Gross margins were 27.7 per cent, up from 27.4 per cent in the same quarter a year ago.
International sales accounted for 39 per cent of the quarter's revenues, and Apple said that it shipped 771,000 Macintosh units during the quarter.
Apple chief executive Steve Jobs said in a statement: "This was a great new product quarter for Apple, starting with the iTunes Music Store and the new third-generation iPods, and ending with the announcement of the Power Mac G5 and the developer preview of Panther, the fourth major release of Mac OS X.
"Customer response to our new products has been very strong, and this quarter we are focused on delivering Power Mac G5s beginning in August and finishing Panther for release later this year."
Fred Anderson, Apple's chief financial officer, added: "We are very proud to have exceeded our revenue target for the third quarter despite the difficult economic backdrop.
"Looking ahead to the fourth quarter of 2003, we expect an increase in revenues and a slight increase in earnings relative to the June quarter."
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