Apple (AAPL) Amazes The Most Bullish of the Bulls With Q2 Earnings of Over $3 Billion

April 20, 2010 4:58 PM EDT
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Apple Inc. (NASDAQ: AAPL) reported a 90 percent surge in fiscal second-quarter earnings on Tuesday, as the company's iPhones and Mac computers continue to fly off shelves.

The technology giant reported fiscal second-quarter earnings of $3.07 billion or $3.33 per share, compared to $1.62 billion or $1.79 per share in the same quarter last year. The analyst consensus of $2.45 per share for the quarter was obliterated by the company.

Revenue for Apple jumped 49 percent to $13.5 billion from $9.08 billion in the year-ago period, ahead of the analyst estimate of $12 billion.

"We're thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent," said Steve Jobs, Apple's CEO. "We've launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year."

The lofty sales of the new tablet computer from Apple did not impact the second-results results.
During the quarter, the company sold 2.94 million Mac computers, a 33 percent increase over last year, while iPhone sales jumped 131 percent to 8.75 million new units.

Apple was still able to sell 10.89 million iPods, a 1 percent decline, in the quarter, as the iPhone and now the iPad are surely cannibalizing the products market share.

Looking forward, Apple sees sales for its fiscal third quarter in the range of $13.0 billion to $13.4 billion, with earnings of $2.28 to $2.39 per share. Analysts are looking for sales of $12.97 billion and earnings of $2.70. Apple is normally very conservative with its guidance.

UPDATE: Click here to see some highlights from Apple's Q2 conference call.

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