Apple Posts Solid Gains On Share Repurchases And iPhone Sales - HotHardware
Apple Posts Solid Gains On Share Repurchases And iPhone Sales

Apple Posts Solid Gains On Share Repurchases And iPhone Sales

Continuing with its stellar performance, Apple posted financial results for its fiscal 2014 second quarter ended March 29, 2014, during which time it generated $45.6 billion in revenue for a net profit of $10.2 billion, or $11.62 per diluted share. These numbers are up from $43.6 billion in revenue and a net profit of $9.5 billion, or $10.09 per diluted share, in the same quarter a year ago. Interestingly, two-thirds of Apple's revenue came from international sales and services.

"We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said Tim Cook, Apple’s CEO. "We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market."

Apple Store

Though Wall Street was expecting a slump in sales, Apple managed to sell 43.7 million iPhone devices in the first quarter, which is nearly 6 million more than analysts were anticipating. Apple also sold 4.1 million Mac systems and 2.7 million iPod devices. On the tablet front, Apple recorded 16.3 million iPad sales, which is very good, but also a few million shy of expectations.

In a separate release, Apple announced another increase to the company's quarterly dividend of around 8 percent, or $3.29 per common share, payable to shareholders on May 15, 2014. Apple's board of directors also increased its share repurchase authorization to $90 billion from the $60 billion level announced last year.

"We are announcing a significant increase to our capital return program," said Tim Cook, Apple’s CEO. "We’re confident in Apple’s future and see tremendous value in Apple’s stock, so we’re continuing to allocate the majority of our program to share repurchases. We’re also happy to be increasing our dividend for the second time in less than two years."
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