Apple reports Q2 2014 earnings, beats the street with $45.6B revenue, $10.2B profit

iphone_ipad_ipodtouch-42314Apple has posted quarterly revenue of $45.6 billion and quarterly net profit of $10.2 billion, or $11.62 per diluted share in the second fiscal quarter of 2014 (first calendar quarter of 2014), compared to revenue of $43.6 billion and quarterly net profit of $9.5 billion, or $10.09 per diluted share in the year-ago quarter.

Here are the highlights from the report:

  • Apple sold 43.7 million iPhones in the quarter, compared to 37.4 million in the year-ago quarter.

  • Apple sold 16.35 million iPads during the quarter, compared to 19.48 million in the year-ago quarter.

  • Gross margins were 39.3 percent compared to 37.5 percent in the year-ago quarter.

  • International sales accounted for 66 percent of the quarter’s revenue.

Apple’s CEO Tim Cook said this about his company’s performance:

“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 also announced changes to the company’s stock buyback program, increasing the its share repurchase authorization to $90 billion from the $60 billion announced last year.  The Cupertino company also increased its quarterly dividend to approximately 8 percent and has announced a dividend of $3.29 per common share. This will be payable on May 15, 2014 to all shareholders who own stock as of the close of business on May 12, 2014. In its boldest move, Apple also announced a seven-for-one stock split, providing shareholders with six additional shares for every share held at the close of business on June 2, 2014.

Apple will host a conference call at 5:00 PM Eastern / 2:00 PM Pacific to discuss its Q2 2014 earning results. It will provide a live stream of its Q1 2014 financial results conference call at

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