Apple has made a quarterly tradition out of blowing Wall Street earnings estimates out of the water.
On Wednesday, the Cupertino, California-tech giant was up to its usual tricks, reporting a second-quarter profit spike of 95%, a reality facilitated by sales of 18.65 million iPhones, 4.69 million iPads and 3.76 million Macs.
Apple reported $6.40 in earnings per share on revenues of $24.67 billion, besting Wall Street projections of of $5.36 a share on revenue of $23.34 billion.
“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” Apple Chief Executive Steve Jobs said. “We will continue to innovate on all fronts throughout the remainder of the year.”
Apple Chief Financial Officer Peter Oppenheimer said the earnings are indicative of the growth to come.
“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” Oppenheimer said on the earnings call. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”
Apple Chief Operating Officer Tim Cook simply referenced iPhone sales as being “off the charts,” noting that China played a significant role in the quarter’s gargantuan earnings. “We continued to be on a tear in China,” Cook said. “Greater China saw iPhone sales being up over three times, almost 250 percent.”