Apple stuns Wall Street with 95% earnings surge
'We're firing on all cylinders,' says Jobs
Apple blew past the Wall Street moneymen's predictions for its financial performance in the second quarter of its fiscal year 2011, posting record Q2 revenue of $24.67bn along with record Q2 net profit of $5.99bn.
"We're firing on all cylinders," said CEO Steve Jobs in a prepared statement. "We will continue to innovate on all fronts throughout the remainder of the year," he added.
According to Thomson Financial, as reported by Fortune on Tuesday, Wall Street guessmen were expecting Apple to report earnings of $5.36 on sales of $23.34 billion, which works out to year-over-year gains of 61 per cent and 73 per cent respectively.
Apple's actual year-on-year gains beat even that optimism, with earnings gaining 95 per cent and revenues, 83 per cent. Those numbers were goosed by sales of 18.65 million iPhones, up 113 per cent year-on-year and 3.76 million Macs – 2.9 million of them being MacBooks – up 28 per cent. The company also sold 4.69 million iPads during the quarter.
Apple's only declining segment was iPods, which, with 9.02 million sold, which was 17 per cent down from the year-ago quarter. Frankly, though, with the iPhone having become the go-to digital music device for millions of users, who really cares about that slippage? ®