Stock Market Watch

Apple Reports Strong Q2 Results (AAPL)

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APPLEWall Street giant Apple Inc. (NASDAQ: AAPL) announced on Tuesday its fiscal second quarter earnings and revenues that surpassed analysts’ expectations. Shares of the Company rose 4% in the afterhours trading.

This is a sharp rebound considering Apple’s stock plunged 12 percent, falling into correction territory, after rallying 75 percent from late November to a closing high of $636.23 on April 9.


Apple’s net income stood at $11.6 billion, or $12.30 per share, up from $6 billion, or $6.40 per share, during the last year.

Meanwhile, company’s revenues also climbed up 59 percent to $39.2 billion from $24.67 billion a year ago.

According to a poll conducted by Thomson Reuters, analysts were expecting the company to report earnings excluding items of $10.04 a share on $36.81 billion in revenue.

Commenting over the earnings, Michael Yoshikami, CEO of YCMNet Advisors, said  to Reuters, “Apple once again surprises on the upside despite expectations that iPhone sales would lag; Clearly iPad results are driving results, as well as international sales. This is consistent with Apple continuing to capture market share against Android.”

The company sold 35.1 million iPhones in the quarter, an 88% growth from a year ago; iPad sales more than doubled to 11.8 million; and Mac sales rose 7 percent to 4 million. The only disappointing performance was from iPod as the company sold 7.7 million units, a 15-percent drop from a year ago.

The Company also said that its cash reserves along with short and long-term securities added up to $110billion. This amount tops the combined market capitalization of all but 20 companies in S&P 500 index.

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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