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TheStreet Open House

Apple's CEO Discusses Q2 2011 Results - Earnings Call Transcript

The new MacBook Pro lineup offers twice the speed of the previous generation and customer response has been excellent. We began at the end of the quarter with between 3 and 4 weeks of Mac channel inventory. During the quarter, we released to develop a preview of Macro OS X Lion, which takes some of the best ideas from the iPad and brings them back to the Mac. Lion features Mission Control and innovative new view of everything running on the Mac. Launchpad, a new home for audio Mac Apps, full screen apps that use the entire Mac display and new multi-touch gestures. Lion is scheduled to ship to customers this summer and we look forward to showing more of its great features at our Developers Conference in June.

Moving to our music products. We sold 9 million iPods compared to 10.9 million in the year ago quarter. Though lower year-over-year, total iPod sales were ahead of our expectations with iPod touch continuing to count for over half of all iPods sold. iPod share of U.S. market for MP3 players remains at over 70% based on the latest monthly data published by MPD and iPod continue to be the top-selling MP3 player in most countries we track based on the latest data published by GFK.

We ended the quarter within our target range of 4 to 6 weeks of iPod channel inventory. The iTunes Store turned in its best quarter ever with revenue of almost $1.4 billion, thanks to record revenue from music, video, iOS apps and books. We were very pleased to begin offering a full catalog of 17,000 ebooks from Random House on the iBookstore during the March quarter. The iBookstore now includes ebooks for more than 2,500 publishers in over 20 categories, and customers have downloaded over 100 million books.

Read the rest of this transcript for free on seekingalpha.com

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