Apple announces better than expected fiscal Q2 2014 earnings

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Apple announces better than expected fiscal Q2 2014 earnings

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Apple announced its financial results for the fiscal Q2 of 2014. The Cupertino giant beat the expectations by posting net profit of $10.2 billion, or $11.62 per diluted share from $45.6 billion of revenue.



The above results are higher than the $43.6 billion of revenue and $9.5 billion of profit for the same period last year. Apple's gross margin was 39.3% - up from 37.5% a year ago. Two thirds of the company's revenue came from international sales.

The strong financial results were achieved thanks to stellar iPhone sales. Apple moved 43.7 million smartphones in Q2 - up from 37.4 million for the same period last year.

Sales of the Apple iPad however didn't fare so well. The company moved 16.3 million slates - down from almost 20 million sold in the same quarter in 2013. Mac and iPod sales were 4.1 million and 2.76 million respectively.

Apple also annoucned that it will make a seven-for-one stock split on June 1. The board also upped its share repurchase program to $90 billion - up from $60 billion.

Going forward, Apple expects the revenue in fiscal Q3 2014 to reach between $36 billion and $38 billion. Gross margin is expected to remain between 37% and 38%.

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