Apple announced its second quarter earnings Tuesday at $39.2 billion in revenue, beating analyst estimates of $36.8 billion in revenue.
The company raked in $11.6 billion in net income. Year over year, Apple’s net profit increased 94 percent. Last quarter, Apple announced $13.06 billion in net profit, blowing Wall Street estimates out of the water.
As of the time of this post, Apple stock was up around 7.5 percent in after-hours trading, bringing the stock back up past its $600 a share milestone again. At market close, Apple’s stock was trading around $560.
Apple has had a number of successes this quarter, including the release of its third-generation iPad. After launching the new device in March, Apple sold 3 million units in the tablet’s first weekend alone. Now, Apple is reporting 11.8 million units sold during the second quarter 2012. Though this is slightly down from the previous quarter when Apple sold 15.4 million units, Apple did mention that the iPad supply chain was still constrained.
“I think the iPad [is] a profound product. The breadth of it is incredible and the appeal of it is universal, so I could not be happier with being in the market,” said Apple chief executive Tim Cook in a conference call today.
The company also announced it has sold 35.1 million iPhones, after selling 37 million last quarter which followed the October launch of the iPhone 4S. Overall this quarter, Apple sold 365 million iOS devices around the world. The app store also hit its 25 billionth downloaded app in March.
When asked about the various patent cases going on, Cook explained that Apple depends on its developers and doesn’t want to be the only company developing for its customers.
“It’s very important that Apple not become the developer for the world. We need people to invent their own stuff,” he said.
Also in March, Apple announced its first dividend since the 1990s of $2.65 per share. More details on its distribution are scheduled to come out in the next quarter’s earnings, according to chief finance officer Peter Oppenheimer.
Apple is the largest company in the world, having hit a $600 billion market cap in April, but recently its stock has been slipping. The company has been entrenched in regularly scheduled drama, including numberous back-and-forth patent lawsuits and a lawsuit with China’s Proview, which claims to own the trademark for “iPad.” Today it was announced that China may rule in favor of Proview, leaving Apple to either get rid of the iPad trademark on its products in China, or buy the trademark for whatever price Proview sets.The two companies could, however, settle the suit.
The company also faced its audit from the Fair Labor Association, which outright said Apple was in violation of Chinese law. Though, the company along with its manufacturing factory Foxconn have agreed to make the necessary changes to fall back in line with FLA standards, and the law.
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