Apple lined up another record quarter (shocker) selling an incredible 20.34 million iPhones, 9.25 million iPads and 3.95 million Macs. iPods were down 20% YOY to 7.9M. The company earned $7.31 billion in net profit on revenue of $28.57 billion for the June quarter. Both are records for Apple…and it isn’t even a holiday quarter.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

Press release and charts follow:

Apple Reports Third Quarter Results

All-Time Record Revenue and Earnings

iPhone Sales Grow 142 Percent; iPad Sales Grow 183 Percent

CUPERTINO, Calif.–(BUSINESS WIRE)–Apple® today announced financial results for its fiscal 2011 third quarter ended June 25, 2011. The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

“Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

“We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

Apple will provide live streaming of its Q3 2011 financial results conference call beginning at 2:00 p.m. PDT on July 19, 2011 at www.apple.com/quicktime/qtv/earningsq311. This webcast will also be available for replay for approximately two weeks thereafter.

This press release contains forward-looking statements [blah blah…]

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

NOTE TO EDITORS: For additional information visit Apple’s PR website (www.apple.com/pr), or call Apple’s Media Helpline at (408) 974-2042.

© 2011 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and Macintosh are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share amounts which are reflected in thousands and per share amounts) Three Months Ended Nine Months Ended June 25, 2011 June 26,2010 June 25, 2011 June 26,2010 Net sales $ 28,571 $ 15,700 $ 79,979 $ 44,882 Cost of sales (1) 16,649 9,564 47,541 26,710 Gross margin 11,922 6,136 32,438 18,172 Operating expenses: Research and development (1) 628 464 1,784 1,288 Selling, general and administrative (1) 1,915 1,438 5,574 3,946 Total operating expenses 2,543 1,902 7,358 5,234 Operating income 9,379 4,234 25,080 12,938 Other income and expense 172 58 334 141 Income before provision for income taxes 9,551 4,292 25,414 13,079 Provision for income taxes 2,243 1,039 6,115 3,374 Net income $ 7,308 $ 3,253 $ 19,299 $ 9,705 Earnings per common share: Basic $ 7.89 $ 3.57 $ 20.91 $ 10.69 Diluted $ 7.79 $ 3.51 $ 20.63 $ 10.51 Shares used in computing earnings per share: Basic 926,108 912,197 922,917 907,762 Diluted 937,810 927,361 935,688 923,341 (1) Includes stock-based compensation expense as follows: Cost of sales $ 52 $ 38 $ 155 $ 112 Research and development $ 119 $ 80 $ 336 $ 240 Selling, general and administrative $ 113 $ 101 $ 379 $ 303

Apple Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In millions, except share amounts) June 25, 2011 September 25, 2010 ASSETS: Current assets: Cash and cash equivalents $ 12,091 $ 11,261 Short-term marketable securities 16,304 14,359 Accounts receivable, less allowances of $55 in each period 6,102 5,510 Inventories 889 1,051 Deferred tax assets 1,892 1,636 Vendor non-trade receivables 5,369 4,414 Other current assets 4,251 3,447 Total current assets 46,898 41,678 Long-term marketable securities 47,761 25,391 Property, plant and equipment, net 6,749 4,768 Goodwill 741 741 Acquired intangible assets, net 1,169 342 Other assets 3,440 2,263 Total assets $ 106,758 $ 75,183 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 15,270 $ 12,015 Accrued expenses 7,597 5,723 Deferred revenue 3,992 2,984 Total current liabilities 26,859 20,722 Deferred revenue – non-current 1,407 1,139 Other non-current liabilities 9,149 5,531 Total liabilities 37,415 27,392 Commitments and contingencies Shareholders’ equity: Common stock, no par value; 1,800,000,000 shares authorized; 926,903,779 and 915,970,050 shares issued and outstanding, respectively 12,715 10,668 Retained earnings 56,239 37,169 Accumulated other comprehensive income/(loss) 389 (46 ) Total shareholders’ equity 69,343 47,791 Total liabilities and shareholders’ equity $ 106,758 $ 75,183

Apple Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) Nine Months Ended June 25, 2011 June 26, 2010 Cash and cash equivalents, beginning of the period $ 11,261 $ 5,263 Operating activities: Net income 19,299 9,705 Adjustments to reconcile net income to cash generated by operating activities: Depreciation, amortization and accretion 1,271 698 Stock-based compensation expense 870 655 Deferred income tax expense 2,232 1,298 Changes in operating assets and liabilities: Accounts receivable, net (592 ) (79 ) Inventories 162 (487 ) Vendor non-trade receivables (955 ) (1,256 ) Other current and non-current assets (1,551 ) (1,001 ) Accounts payable 2,480 2,812 Deferred revenue 1,276 806 Other current and non-current liabilities 2,608 (239 ) Cash generated by operating activities 27,100 12,912 Investing activities: Purchases of marketable securities (75,133 ) (41,318 ) Proceeds from maturities of marketable securities 16,396 19,758 Proceeds from sales of marketable securities 34,301 14,048 Payments made in connection with business acquisitions, net of cash acquired 0 (615 ) Payments for acquisition of property, plant and equipment (2,615 ) (1,245 ) Payments for acquisition of intangible assets (266 ) (63 ) Other 34 (36 ) Cash used in investing activities (27,283 ) (9,471 ) Financing activities: Proceeds from issuance of common stock 577 733 Excess tax benefits from equity awards 915 652 Taxes paid related to net share settlement of equity awards (479 ) (384 ) Cash generated by financing activities 1,013 1,001 Increase in cash and cash equivalents 830 4,442 Cash and cash equivalents, end of the period $ 12,091 $ 9,705 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 2,563 $ 2,657

Apple Inc. Q3 2011 Unaudited Summary Data Q2 2011 Q3 2010 Q3 2011 Sequential Change Year/Year Change Operating Segments CPUUnits K Revenue$M CPUUnits K Revenue$M CPUUnits K Revenue$M CPU Units Revenue CPU Units Revenue Americas 1,217 $9,323 1,358 $6,227 1,487 $10,126 22% 9% 9% 63% Europe 995 6,027 914 4,160 922 7,098 – 7% 18% 1% 71% Japan 155 1,383 129 910 150 1,510 – 3% 9% 16% 66% Asia Pacific 596 4,743 394 1,825 620 6,332 4% 34% 57% 247% Retail 797 3,191 677 2,578 768 3,505 – 4% 10% 13% 36% Total Operating Segments 3,760 $24,667 3,472 $15,700 3,947 $28,571 5% 16% 14% 82% Sequential Change Year/Year Change Product Summary Units K Revenue$M Units K Revenue$M Units K Revenue$M Units Revenue Units Revenue Desktops (1) 1,009 $1,441 1,004 $1,301 1,155 $1,580 14% 10% 15% 21% Portables (2) 2,751 3,535 2,468 3,098 2,792 3,525 1% 0% 13% 14% Subtotal CPUs 3,760 4,976 3,472 4,399 3,947 5,105 5% 3% 14% 16% iPod 9,017 1,600 9,406 1,545 7,535 1,325 – 16% – 17% – 20% – 14% Other Music Related Products and Services (3) 1,634 1,214 1,571 – 4% 29% iPhone and Related Products and Services (4) 18,647 12,298 8,398 5,334 20,338 13,311 9% 8% 142% 150% iPad and Related Products and Services (5) 4,694 2,836 3,270 2,166 9,246 6,046 97% 113% 183% 179% Peripherals and Other Hardware (6) 580 396 517 – 11% 31% Software, Service and Other Sales (7) 743 646 696 – 6% 8% Total Apple $24,667 $15,700 $28,571 16% 82% (1) Includes iMac, Mac mini, Mac Pro and Xserve product lines. (2) Includes MacBook, MacBook Air and MacBook Pro product lines. (3) Includes sales from the iTunes Store, App Store, and iBookstore in addition to sales of iPod services and Apple-branded and third-party iPod accessories. (4) Includes revenue recognized from iPhone sales, carrier agreements, services, and Apple-branded and third-party iPhone accessories. (5) Includes revenue recognized from iPad sales, services, and Apple-branded and third-party iPad accessories. (6) Includes sales of displays, wireless connectivity and networking solutions, and other hardware accessories. (7) Includes sales from the Mac App Store in addition to sales of other Apple-branded and third-party Mac software and Mac and Internet services. K = Units in thousands $M = Amounts in millions

Contacts Apple Steve Dowling, 408-974-1896 (Press) dowling@apple.com Nancy Paxton, 408-974-5420 (Investor Relations) paxton1@apple.com Joan Hoover, 408-974-4570 (Investor Relations) hoover1@apple.com

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