Handily beating analysts' estimates, Apple posted healthy results powered by sales of 35 million iPhones in the January-to-March quarter, almost twice as many as it sold a year ago.
SAN JOSE, Calif. — On the heels of a troubling double-digit slump in its share price, Apple on Tuesday seemed to suggest investors may have oversold, as the company announced second-quarter profit had jumped 93 percent from a year earlier, thanks to robust sales of its popular iPhone and iPad.
Handily beating analysts’ estimates, Apple posted quarterly revenue of $39.2 billion and quarterly net profit of $11.6 billion, or $12.30 a share. That’s compared with 24.7 billion in revenue and $6 billion in profit, or $6.40 a share, in the same quarter the year before.
Driving the numbers were the iPhone and iPad.
Apple said it sold 35.1 million iPhones in the quarter ended March 31, 88 percent more a year earlier. Sales of the iPad, meanwhile, jumped 151 percent to 11.8 million.
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“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said CEO Tim Cook. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
“Our record March-quarter results drove $14 billion in cash flow from operations,” said CFO Peter Oppenheimer.
“Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”
Investors seemed wary before results came out after the market close. Apple shares steadily dropped throughout the day before closing at $560.28, down $11.42, from its previous close.
The stock took off in after-hours trading, jumping $42.41 to $602.69.
Apple’s numbers once again beat the street’s estimates. Analysts polled by Thomson Reuters expected the company to earn $10.02 a share for sales of $36.7 billion.
Apple’s most recent fiscal quarter had its share of big news.
The third-generation iPad came out in early March and saw blistering sales right out of the gate, selling 3 million within the first four days. And Apple announced March 19 it would reward shareholders with a quarterly dividend and stock-buyback program, scheduled to start later this year.
But in recent weeks, after Apple stock hit its all-time high of $644, investors started to turn, bringing down the price more than 10 percent from its high.
Analysts blamed a number of factors, including chip supplier Qualcomm’s warning of production problems and Verizon’s announcement that iPhone activations had weakened in the previous quarter.