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Apple announces its second quarter results

Apr 23 2014, 10:53pm CDT | by , in News | Apple

Apple announces its second quarter results
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Apple exceeded Wall Street expectations, amassing $45.6 billion in Q2 this year.

Apple has announced its second quarter results earlier today. The financial report, which ended on March 29, beat Wall Street expectations. Apple reported a quarterly revenue of $45.6 billion and a quarterly net profit of $10.2 billion.

When compared to last year's second quarter, Apple went up 5 percent from $43.6 billion and 7 percent from $9.5 billion. Furthermore, dilusion of shares climbed from $10.09 to $11.62 per diluted share. Apple CEO Timothy Cook is proud of the results. He credits the company's financial success to the growing demand of its iPhones.

“We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market,” Cook added.

Additionally, Apple CFO Peter Oppenheimer said that the company was able to return $21 billion in cash to shareholders through dividends and share repurchases during the quarter. Apple also generated $13.5 billion in cash flow from its operations.

“That brings cumulative payments under our capital return program to $66 billion,” Oppenheimer added.

Apple also announced its predictions for the next quarter. The Cupertino-based technology giant expects lesser revenue between $36 billion and $38 billion next quarter and a gross margin between 37 percent and 38 percent. 

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