Apple continued its trend of positively crushing Wall Street expectations, by releasing earnings for the quarter ending March 26, 2011, its fiscal Q2. The company reported earnings of $5.99 billion in net income, with revenue of $24.67 billion.
Year-over-year, that was a 83 percent jump in revenue, from $13.5 billion in sales in fiscal Q2 2010. The net income was $6.40 per share, and compared with compared to $3.07 billion, or $3.33 per share, year-over-year was a 95 percent bump.
At the same time, Apple
's earnings report easily beat analyst expectations of $5.36 a share on revenue of $23.34 billion. Apple (AAPL) stock was up over $8 or 2 percent in after-hours trading, at the time of this writing.
Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter. Considering that analysts speculated that due to the Japan earthquake, parts supply problems might cut into margins. That didn't happen, but lower sales of the iPad, which has a somewhat lower margin, might have helped as well.
And speaking of that lower sales of the iPad, what does that mean? That consensus expectation for the iPad was 6.3 million. The company sold about 4.69 million iPads during the quarter, yet despite that, still blew away Wall Street. In a way, it was a good sign, because Apple still had a great quarter, yet a bad sign due to the lower iPad
The really bad section of the report is the one that's been underperforming for some time: iPods. iPod sales declined 17 percent from the year-ago quarter, to 9.02 million units sold, as more and more folks continue to move to using their smartphones for their music.
Apple sold 18.7 million iPhone
s in the quarter, which represents 113 percent growth year-over-year. Wall Street analysts had expected to see sales of 16.25 million. Mac sales, seemingly the number least cared about by Wall Street and investors nowadays, totaled 3.76 million units. Still, that was a 28 percent unit increase over the year-ago quarter.