Apple Posts $40 Million Q2 Profit -- No doubt about it: iMacs rake in the dough. Apple announced a $40 million profit for its second fiscal quarter of 2002, coming in slightly higher than analysts's expectations following component shortages which impeded the roll-out of the new flat-screen iMac. Apple had $1.5 billion in revenue on gross margins of 27 percent; international sales accounted for 45 percent of the company's revenue.

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Apple shipped 220,000 iMacs during its second quarter, contributing to a total of 813,000 Macs shipped, up 8 percent from the same quarter a year ago. Apple didn't call out sales of portable systems or the iPod, but did note it has $4.3 billion in cash on hand and plans to open an additional 20 Apple retail stores by the end of the calendar year. [GD]