Well it looks as if Apple has surprised investors yet again with stronger than expected earnings. Now typically this wouldn't be news as Apple tends to beat Wall Street estimates with ease with alarming consistency. But over the past few days, analysts have been wary of Apple's fiscal Q2 2012 earnings on account of, what they perceived to be, weaker than expected iPhone sales.
But earlier today, Apple delivered another blowout quarter as quarterly profits rose 93% from the same quarter in 2011.
When the dust settled this past quarter, Apple recorded $39.2 billion in revenue along with a quarterly profit of $11.6 billion. During the same quarter a year-ago, Apple recorded revenue of $24.7 billion and a quarterly profit of $6 billion. For a company as large as Apple to almost double its take home profits is completely astounding. EPS year over year increased from $6.40 a share to $12.30 a share.
Breaking down Apple's sales figures by product, iPhone sales exceeded analyst expectations, thanks in large part to sales in China where the iPhone 4S didn't debut until January. For the March quarter, Apple touted 35.1 million iPhone sales, an 88% increase from the same quarter in 2011.
Even more impressive were iPad sales, which increased a whopping 151% from the same quarter a year-ago. Mac sales were a bit less rosy, with sales clocking in at 4 million units, good enough for a 7% increase from Q2 2011, but still below what most had been anticipating. But this shouldn't necessarily be taken as reason to be wary as Apple has quite a few product revamps in the pipeline, including the MacBook Pro and iMac, that many users are likely waiting for before pulling the trigger on a new machine.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” Tim Cook stated in Apple's press release. “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.”
For the upcoming quarter, Apple's issued guidance is revenue of $34 billion and EPS of $8.68.