Apple Earnings Sees Shares Rise in Second Quarter of 2010

by Amy Judd | April 20, 2010 at 07:05 pm

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Apple Released their Earnings for the Second Quarter of 2010, Saying Profit Rose 90%

Apple said that their profits rose 90% in the second fiscal quarter, after the sale of about 9 million iPhones, and shares of Apple rose on Tuesday April 20 by 5% in after-hours trading. According to MarketWatch, the shares have rose an overall 16% in 2010.

Apple says most of their success can be attributed to the iPhone with sales up 130% from this time last year.

"Basically, the iPhone stole the show," said Brian Marshall of Broadpoint AmTech Research. He noted that the device showed "fairly significant upside" compared to Wall Street's estimates for the quarter.

Apple quoted their net income at $3.07 billion for the March period, which translates to $3.33 per share. Last year they had a net income of $1.62 billion and $1.79 a share.

The forecast was set at $12 billion and $2.45 a share so Apple exceeded expectations. With the sale of 8.75 million iPhones in one quarter it is not hard to see how there was such a jump. Tim Cook, the chief operating officer for Apple told MarketWatch that most of the increase came from the international markets.

"If you look at Asia Pacific as an example, iPhone unit sales grew 474% year over year," he said, describing demand for the device as "fabulous."

More people are also buying Macs and with the iPad that has just launched sales are only expected to go up.

There is also a new iPhone set to be released, the iPhone OS 4.0, which could be made available on the Verizon network, and would expand the Apple network to millions of other customers.