Apple almost doubles Q2 profit

Dylan Bushell-Embling
21 Apr 2011

Apple's second-quarter profit climbed 95% as the company once again more than doubled its iPhone sales for the period.

The company reported net profit of $5.99 billion for the quarter ending in March. Revenue also grew 83% from the same quarter last year to $24.67 billion.

iPhone sales grew 112% year-on-year to 18.6 million, beating the previous record for sales in a single quarter by 15%.

But tablet sales fell 36% on the previous quarter to 4.69 million, missing Apple's projections for the period. The company did not break down iPad 2 sales.

Apple is forecasting revenue of $23 billion for the current quarter. Earnings per share is expected to be $5.03, compared to $6.40 in the prior quarter.

On this date last year, Apple posted a 90% increase in profit for Q2 of the prior financial year. That quarter, iPhone sales grew 131% to 8.75 million.

At an earnings call, COO Tim Cook said the company's earnings were not materially affected by disruption of supply arising from the Japanese earthquake, and that he did not anticipate any impact in the current quarter either, the Wall Street Journal's JapanRealtime reported.

While the company sources hundreds of components from Japan, contingency plans put in place have filled in as short-term alternatives, he said. But Cook has warned about potential supply chain threats in the future as the situation in Japan develops.

Cook also said tablet sales would have been much higher if the company had been able to meet demand for the iPad 2, according to USA Today.

Apple's Nasdaq stock grew 3.1% to $353.02 in after-hours trading following the announcement.

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