Apple Inc. reported another exceptional quarter on Wednesday, nearly doubling its net income and far exceeding analyst estimates on the strength of the seemingly unstoppable iPhone.
But sales of Apple's newest product, the iPad tablet computer, came in below expectations. The second version of the tablet launched three weeks before the end of the quarter, and manufacturing constraints may have prevented Apple from selling more of them.
Apple said net income for its fiscal second quarter, which ended in March, was $5.99 billion, or $6.40 per share, up 95 percent from $3.07 billion, or $3.33 per share, a year ago.
The quarterly numbers soared far past the predictions of analysts, who were expecting earnings of roughly $5.37 per share.
Apple's revenue was $24.7 billion, up 83 percent from $13.5 billion a year ago. Analysts were expecting $23.4 billion.
The results were lifted by the record sale of 18.65 million iPhones, millions more than analysts had expected. Verizon Wireless started selling the phone in the first quarter, ending AT&T's three-and-half-year period of being the only iPhone carrier in the United States. In most other countries where the iPhone is available, it's sold by more than one phone company.
Earlier Wednesday, AT&T reported strong iPhone sales, as it apparently continued to upgrade many existing subscribers even in the face of competition from Verizon.
The earnings news arrived after the markets closed Wednesday. Apple's stock price ended the trading day up 1.4 percent at $342.41. In after-hours trading, Apple was above $355 per share ? up another 3 percent.
Source: http://www.npr.org/2011/04/20/135580574/apples-earnings-soar-even-higher-than-expected?ft=1&f=1049
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