Apple has another blowout quarter, but misses with iPad sales

Apple’s earnings have been announced for fiscal Q2 2014, and everything appears to be “business as usual” for the Cupertino, California-based company. The company pulled in revenue of $45.6 billion for the quarter, $10.2 billion in profit, and earnings per share of $11.62. Gross margin for the quarter was an impressive 39.3%.
Analysts were expecting earnings per share (EPS) of $10.19, and a gross margin of 37.7%, while revenue was pegged at 43.53 billion.
When it comes to hardware, Apple sold 43.7 million iPhones and “just” 16.35 million iPads. Mac sales came in a 4.1 million.

Apple CEO Tim Cook holding an iPad mini [Image Source: Society and Religion]
Analysts expected Apple to sell 37.7 million iPhones, 19.7 million iPads, and 4.03 million Macs. In that respect, Apple blew away the analysts on the iPhone numbers, came in just above on the Mac numbers, but deeply disappointed on sagging iPad sales.
“We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services,” said Apple CEO Tim Cook. “We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market.”

Apple also announced a 7-for-1 stock split as a part of a $90 billion stock buyback program.

AAPL is currently up around $40 in after hours trading to $564.

Sources: Apple [1], [2], Business Insider

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