Apple Earnings Soar Amid Rumors Of iPhone 5
SAN JOSE (KCBS) – Apple said it had another blowout quarter, nearly doubling its net income and far exceeding analyst estimates.
Net income in the fiscal second quarter, which ended in March, was $5.99 billion, or $6.40 per share, up 95 percent from $3.07 billion, or $3.33 per share, a year ago.
Meanwhile, there is also a report out on the new generation of iPhones. Reuters is reporting, but Apple is not confirming, that the iPhone 5 will ship sometime in September, and will have a faster, possibly duel-core processor.
KCBS’ Matt Bigler Reports:
Analysts polled by FactSet were expecting earnings of $5.37 per share in the second quarter.
Revenue was $24.7 billion, up 83 percent from $13.5 billion a year ago. Analysts were expecting $23.4 billion.
The results were lifted by the sale of 18.65 million iPhones, millions more than analysts had expected.
As the world’s biggest technology company, Apple is always closely followed by investors during earnings season, but even more so this week as the company was expected to give some indication of how the tragedies in Japan have affected the global supply of high-tech components.
Michael Yoshikami, CEO of YCMNet Advisors tells KCBS that the disaster may be to blame for shortages of new iPads in Apple stores.
”I think it’s a matter of watching the supply,” said Yoshikami. “If the supply continues to stretch for a long period of time and product is manufactured from components from impacted areas, then obviously it is impacting them.”
One dark spot was iPad sales, which came in at 4.69 million units. That was less than many analysts had expected, and could have been caused by tight supplies of the new iPad 2 model.
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