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Apple Stock Jumps, Following Impressive Earnings Report

Investors pleased with earnings and outlook

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Apple Stock Jumps, Following Impressive Earnings Report
[ Business]

Apple’s stock is doing quite well today after the company released an impressive earnings report yesterday afternoon. The report for the record 2nd quarter included 83% revenue growth, and 95% profit growth.

Revenue came to $24.67 billion with profit at $5.99 billion ($6.40 per diluted share). That’s compared to the same period last year, when the company reported 13.50 billion revenue and $3.07 billion profit.

In afternoon trading, Apple stock is up 2.58% to $351.25 per share at the time of this writing.

“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” CEO Steve Jobs commented on the company’s earnings. “We will continue to innovate on all fronts throughout the remainder of the year.”

“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” added CFO Peter Oppenheimer, who led the company’s earnings conference call. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”

iPhone sales have been quite impressive, especially considering the antenna issues (and lack of support from Consumer Reports) the devices have experienced.

Apple recorded year-over-year iPhone sales growth of 113%. They sold 18.65 million of them in the quarter.

COO Tim Cook also pointed out in the call that the tragedy in Japan has done little to hinder production, so that surely pleased investors to hear.

Apple Stock Jumps, Following Impressive Earnings Report
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