This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Apple Does It Again, Confounding Skeptics (Update 1)

Updated from 4:44 p.m. EST to provide comments from the conference call in the second paragraph.

NEW YORK ( TheStreet) -- The world can relax now -- Apple (AAPL) had a blow-out earnings report.

The company said it sold 35.1 million iPhones, 11.8 million iPads, 4 million Macs and 7.7 million iPods in its fiscal second quarter. Investors and analysts had been concerned that sales would slow, given possible supply constraints and an aging iPhone.

Apple announced quarterly earnings of $12.30 per share on $39.2 billion in revenue for the second quarter. Analysts polled by Thomson Reuters expected earnings of $10.02 a share on revenue of $36.69 billion. Some $22.7 billion of revenue was from the iPhone, which is now available in more than 100 countries and on 230 carriers.

Speaking during a conference call after market close, Apple CEO Tim Cook said that Apple outgrew the PC market for the 24th straight quarter, with Macs growing 7%, versus 2% growth in PCs.

The technology giant noted on the call that iPhone sales grew 88% year-over-year, and sales have more than doubled in Asia. iPhone sales in Greater China rose five times year-over-year, Cook said. "We are happy with the iPhone pricing moves we made a few months ago on iPhone 3G, iPhone 4," he noted.

"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," Cook said in a press release. "The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver."

Apple generated $14 billion in cash during the quarter. Third-quarter guidance is expected to come in at $34 billion in revenue and earnings per share of $8.68.

Cash on hand continued to soar, surpassing $110 billion as of the end of March. Some $74 billion of that cash is offshore, according to Apple CFO Peter Oppenheimer.

Apple shares closed the day lower, off 2% to finish at $560.28. Shares of the tech giant, however, are soaring in after-hours trading, up 7.11% to $600.14, according to Nasdaq.com

Interested in more on Apple? See TheStreet Ratings' report card for this stock.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

-- Written by Chris Ciaccia in New York

>To follow the writer on Twitter, go to http://twitter.com/commodity_bull.

>To submit a news tip, send an email to: tips@thestreet.com

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs