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Apple earnings rise; iPad shipments fall

Cyril Kowaliski
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The latest Apple results are in, and if you’re an Apple stockholder, there’s reason to rejoice. The company didn’t just post revenue, profit, and gross margin growth compared to the same quarter a year ago; as Reuters reports, Apple also announced $30 billion in additional stock buybacks.

Here are the results for the Mac maker’s second fiscal quarter, which ended on March 29:

  Q2 FY’14 Q1 FY’14 Q2 FY’13
Revenue $45.6 billion $57.6 billion $43.6 billion
Net profit $10.2 billion $13.1 billion $9.5 billion
Gross margin 39.3% 37.9% 37.5%

And here are shipment figures for Apple’s key product lines:

  Q2 FY’14 Q1 FY’14 Q2 FY’13
iPhones 43.7 million 51.0 million 37.4 million
iPads 16.4 million 26.0 million 19.5 million
Macs 4.1 million 4.8 million 4.0 million

Interestingly, iPad sales were down compared to last year. According to Reuters, though, iPhone sales came in substantially above the expectations of Wall Street analysts. On average, the site says, analysts had expected 38 million shipments.

For the ongoing quarter, Apple expects revenue to fall in the $36-38 billion range, with gross margin between 37% and 38%. Those results would be up from $35.3 billion in revenue and a 36.9% gross margin a year ago.