Strong iPhone sales helped Apple Inc. blow through Wall Street expectations for its fiscal second quarter, sending its stock sharply up in after-hours trading.
The Cupertino, Calif., company announced Monday it earned $10.2 billion, or $11.62 a share, in the period ended March 29. That was up from a $9.5 billion profit, or $10.09 a share, the company posted in the same quarter a year earlier.
Apple's sales rose 4.6 percent from its second quarter of 2013 to $45.6 billion. The company sold 43.7 million iPhones in the period, up 17 percent from the same quarter last year.
On average, Wall Street analysts were expecting the company to earn $10.18 a share on sales of $43.5 billion. The earnings guidance Apple gave investors in January implied earnings of between $8.4 billion and $9.3 billion, or about $9.29 to $10.34 a share if its share count remained stable, on sales ranging from $42 billion to $44 billion.
Investors cheered the news. In after-hours trading, the company's stock jumped more than 7 percent.
The company offered guidance for its fiscal third quarter that was toward the lower end of analyst's estimates. Apple's forecast implies earnings of between $6.7 billion and $7.5 billion, or around $7.66 to $8.52 a share if its share count remains the same, on sales of between $36 and $38 billion.
Before the reports, analysts had predicted Apple would earn $8.46 a share on sales of $37.9 billion in the current quarter. In the same period last year, Apple posted a profit of $6.9 billion, or $7.47 a share, on sales of $35.3 billion.
As part of its earnings announcement, Apple said it would raise its share repurchase program to $90 billion from $60 billion. To help fund that and other programs to return cash to shareholders, the company plans to raise additional debt.
The company also announced a seven-for-one stock split. The split, which will take effect June 9, is the first for the company since February 2005.
Apple's stock closed regular trading down $6.95 a share, or 1.3 percent, to $524.75.
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©2014 San Jose Mercury News (San Jose, Calif.) Distributed by MCT Information Services
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