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Apple's music products and services accounted for 44 percent of Apple's revenue. Oppenheimer said that the iPod shuffle was especially possible, though Apple doesn't give figures on sales of individual models. Apple ended the quarter with 4-7 weeks of iPod channel inventory, which is within the company's goal.
The iTunes Store helped other music revenue grow 35 percent year over year. For the recent financial quarter, gross margins rose to 35.1 percent, up from 29.8 percent in the year-earlier quarter. However, Apple offered fiscal third-quarter guidance slightly below what analysts expected, forecasting revenue of $5.1 billion and earnings per share of 66 cents. Analysts had expected profit of 67 cents per share on revenue of $5.5 billion.