Apple will stream its second quarter financial results conference call on Wednesday April 14, 2004.

The Webcast will begin at 5pm ET (11pm BST) and will be available on Apple's Web site.

The second financial quarter has seen Apple's stock price rally to its highest price in two years. Between March 1 and March 12, Apple's shares climbed 15 per cent to trade at $27.56. The last time the stock was in that range was in August 2000.

Analysts consider this was due to the success of the iPod. But Banc of America Securities analyst Keith Bachman expressed concerns about over reliance on iPod sales. He told CBS MarketWatch: "I estimate that for every 5 per cent change in G5 sales, Apple sees a 4-cents-a-share effect on its bottom line. But a move of the same magnitude in sales of the popular iPod player affects Apple's earnings by just 2 cents a share."

He added: "Apple's shares might well have reached the upper limit of their valuation for the time being because of weak sales of G5 PowerMac computers."

For its fiscal first quarter, which ended December 27, Apple shipped 206,000 G5 computers, short of many analysts' estimates. According to CBS MarketWatch, Bachman estimates Apple will ship 195,000 G5s in its current quarter.

It is possible that the company may not even meet this prediction; the industry is waiting for Apple to announce PowerMac G5s featuring IBMs newer PowerPC 970FX G5 processor – as featured in the Xserve G5.

Peeks and troughs

Troughs in the last quarter have included cuts in the education division. An Apple spokesperson confirmed that the company has made "minor work-force reductions" and continuing challenges in the educational sector were cited in recent financial reports and calls with analysts. However, Apple has enjoyed success in its programme which sees US school districts adopting an iBook-per-pupil schemes.

The quarter saw the successful launch of the iPod mini, 100,000 of which are reported to have been sold since its US release at the end of February, has been a highlight of the quarter for Apple. The subsequent sell out has lead Apple to delay worldwide availability until July.

Apple also announced that it had sold more than 50 million songs through its iTunes online music service since its debut last April. Apple Chief Executive Steve Jobs issued a statement calling the mark a "major milestone" for Apple. He added: "It's growing increasingly difficult to imagine others ever catching up with iTunes."

Jobs admitted, however, that Apple is unlikely to catch up with its own goal of selling 100 million songs by the first iTunes anniversary on April 28. Jobs now expects iTunes to reach about 68 million songs by the time the service hits the one-year mark.

Apple CFO Fred Anderson and Corporate Controller Peter Oppenheimer told investors at the Morgan Stanley Semiconductor and System Conference of Apple's hopes for the marketplace and its plans to become a $10 billion company once more.

Apple will hold its annual meeting of shareholders on April 22, 2004.