Apple Meets Financial Projections

Apple Computer on Tuesday posted quarterly earnings in line with recently lowered market expectations.

For the quarter ended June 30, the computer maker posted a net profit of $32 million, or 9 cents per diluted share. These results compare with a net profit of $61 million, or 17 cents per diluted share, in the year ago quarter. Revenues for the quarter were $1.43 billion, down 3 percent from the year ago quarter.

The showing largely mirrored consensus Wall Street expectations, according to Thomson Financial/First Call. However, analyst had lowered their projections last month after Apple warned revenues would fall below its own earlier projections.

During the quarter, Apple shipped 808,000 Macintosh units, a decline of 2 percent from the year ago quarter.

“Even in this extended worldwide downturn, Apple is continuing to be profitable and continuing to innovate,” said Steve Jobs, Apples chief executive, in a statement issued with the earnings release. “Were working hard to attract new customers with our Switchers advertising campaign and our 31 retail stores, and were continuing to invest in a strong slate of new products, some of which well talk more about at Macworld New York tomorrow.”

Apple also will host a meeting with financial analysts in New York on Wednesday to discuss the companys future outlook.