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Apple Explodes Earnings Expectations: Profits Up 90 Percent for Q2 2010

Apple‘s second quarter earnings were just released this afternoon, and it’s Apple’s “best non-holiday quarter ever” (we’ve heard that phrase before), with revenue of $13.5 billion and a net quarterly profit of $3.07 billion. They more than exceeded expectations across the board, thanks in large part to iPhone sales — they sold 8.75 million this past quarter — and their profits are up a whopping 90 percent. Below you can find Apple’s earnings release:

CUPERTINO, Calif., April 20, /PRNewswire-FirstCall/ — Apple® today announced financial results for its fiscal 2010 second quarter ended March 27, 2010. The Company posted revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share. These results compare to revenue of $9.08 billion and net quarterly profit of $1.62 billion, or $1.79 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent, up from 39.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.

Apple sold 2.94 million Macintosh® computers during the quarter, representing a 33 percent unit increase over the year-ago quarter. The Company sold 8.75 million iPhones in the quarter, representing 131 percent unit growth over the year-ago quarter. Apple sold 10.89 million iPods during the quarter, representing a one percent unit decline from the year-ago quarter.

“We’re thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent,” said Steve Jobs, Apple’s CEO. “We’ve launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.”

Apple is currently streaming their financial results conference call on their website.

[via BusinessInsider]

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