On Tuesday, Cupertino, California-based tech giant Apple destroyed Wall Street analyst estimates with the company’s Q2 earnings report.
Apple was predicted to report earnings of $9.99 per share, and $36.7 billion in total revenue for the quarter. In January, after the company’s Q1 earnings call, the company provided a conservative outlook for the coming quarter at $8.50 per share on $32.5 billion in revenue.
As it turns out, Apple was wrong.
Net income for Q2 was $11.6 billion – $12.30 per share – or double the $6 billion Apple reported in net revenue for the second quarter of 2011. Revenue exploded up 59 percent to $39.2 billion.
Helping fuel the strong quarter were iDevice sales. Apple sold 35.1 million iPhones in the second quarter – 88 percent higher than Q2 of 2011. iPad sales, however, stole the show, having more than doubled to 11.8 million for the quarter.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Apple CEO Tim Cook following the release of earnings. “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,” asserted 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.”
Are you surprised by Apple’s ability to beat the street on earnings yet again?