NEW YORK ( TheStreet) -- Apple (AAPL) shelled out the cash in its second-quarter earnings report announcing plans to buy back an additional $50 billion in stock while raising its dividend by 15% for an annual yield of 3% at today's prices.
Cupertino, Calif.-based Apple reported second-quarter results that beat analyst expectations. Apple earned $10.09 per share on $43.6 billion in revenue as iPad sales rose 65% year-over-year to 19.5 million units per year.
Analysts polled by Thomson Reuters expect the tech giant to earn $10.01 per share on $42.31 billion in revenue. Analysts surveyed by Estimize are looking for earnings of $10.70 per share on $42.76 billion in sales. Apple also raised its quarterly dividend to $3.05 per share, an increase of 15% over its previous level.The company sold 37.4 million iPhones in the quarter compared to 35.1 million in the year-ago quarter. Apple also sold just under 4 million Macs, compared to 4 million in the year-ago quarter. On the conference call, CEO Tim Cook sought to emphasize that Apple has some great new hardware, software and services coming with fall releases and 2014 product announcements on the way. For the fiscal third-quarter, Apple expects revenue will be between $33.5 billion and $35.5 billion, with gross margins between 36% and 37%. Apple shares initially popped on the capital allocation plans, rising as much as 5% in after-hours, but had given up all of their gains, and were off 0.28% to $404.99. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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