Apple continues its upwards march in the consumer electronics business

It's should come as no surprise that Apple's latest earnings announcement once again exceeded all expectations. Apple has been on a roll quarter after quarter, and its Q2 earnings were no exception. 

The company today announced record fiscal Q2 revenue of $24.67 billion USD and a net profit of $5.99 billion USD. Those numbers are far ahead of Q2 2010 when Apple reported revenue of $13.5 billion USD and net profit of $3.07 billion USD. 

Apple witnessed a 28 percent year-over-year growth in Mac sales to 3.76 million units while iPhone sales grew 113 percent to 18.65 million units during the quarter. Apple's newest booming business sector, the iPad, had sales of 4.69 million units. 

If there was a lone cloud in Apple's sunny report, it was the fact that iPod sales were down 17 percent to 9.02 million units compared to last year.

“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Apple CEO Steve Jobs. “We will continue to innovate on all fronts throughout the remainder of the year.”

Apple's iPhone numbers were no doubt helped by the addition of Verizon as the second carrier in the United States, and Apple's new iPad 2 was launched during the fiscal second quarter.

Apple is rumored to be readying a revamp of its popular iMac family and the next generation iPhone is set to make its debut in September.

"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)

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