Apple announced its second quarter earnings Tuesday, turning it US$39,2bn in revenue, beating analyst estimates of $36,8bn.
The company raked in $11,6bn in net income. Year over year, Apple’s net profit increased by 94%. Last quarter, Apple announced $13,1bn in net profit, blowing Wall Street estimates out of the water.
Apple stock was up around 7,5% in after-hours trading, bringing the stock back up past its $600/share milestone again. At market close, Apple’s stock was trading around $560.
Apple has had a number of successes this quarter, including the release of its third-generation iPad. After launching the new device in March, Apple sold 3m units in the tablet’s first weekend alone. Now, Apple is reporting 11,8m units sold during the second quarter of 2012. Though this is slightly down from the previous quarter, when Apple sold 15,4m units, Apple did mention that the iPad supply chain was still constrained.
“I think the iPad [is] a profound product. The breadth of it is incredible and the appeal of it is universal, so I could not be happier with being in the market,” said Apple CEO Tim Cook in a conference call on Tuesday.
The company also announced it has sold 35,1m iPhones, after selling 37m last quarter, which followed the October launch of the iPhone 4S. Overall this quarter, Apple sold 365 million iOS devices around the world. The app store also reached its 25 billionth downloaded app in March.
Also in March, Apple announced its first dividend since the 1990s of $2,65/share. More details on its distribution are scheduled to come out in the next quarter’s earnings, according to chief finance officer Peter Oppenheimer.
Apple is the most valuable company in the world, having reached a $600bn market cap in April, but recently its stock has been slipping. The company has been entrenched in regularly scheduled drama, including numberous back-and-forth patent lawsuits and a lawsuit with China’s Proview, which claims to own the trademark for “iPad”.
On Tuesday, it was announced that China may rule in favor of Proview, leaving Apple to either get rid of the iPad trademark on its products in China, or buy the trademark for whatever price Proview sets.The two companies could, however, settle the suit.
The company also faced its audit from the Fair Labour Association, which said Apple was in violation of Chinese law. The company, along with its manufacturing factory Foxconn, have agreed to make the necessary changes to fall back in line with FLA standards, and the law. — Meghan Kelly, VentureBeat
