Apple blew Wall Street expectations out of the water today as the iDevice maker reported second quarter earnings.
Apple was widely expected to report earnings of $9.99 per share, and $36.7 billion in total revenue for the quarter. This was higher than Apple's own estimate (given January 2012) of $8.50 per share on $32.5 billion in revenue.
Those were the projections. This is the reality: net income was $11.6 billion - $12.30 per share. That's nearly double the $6 billion - or $6.40 per share - Apple saw in net income for the second quarter one year ago.
Revenue, on the other hand, exploded up 59 percent to $39.2 billion. Revenue stood at $24.67 billion twelve months ago for the close of the same quarter.
So what helped Apple rock 'em, sock 'em once again on Wall Street? There's no mystery here. Apple sold 35.1 million iPhones in the quarter, which is 88 percent higher when compared to last year. The real story, however, lies in iPad sales. iPad sales more than doubled to 11.8 million for the quarter.
Not to be outdone, Mac sales increased 7 percent to 4 million. 7.7 million is the magic number for iPods that were sold, which represents a 15-percent slide over Q2 of 2011.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook after the earning report. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
“Our record March quarter results drove $14 billion in cash flow from operations,” added Peter Oppenheimer, Apple’s CFO. “Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”