Apple Doubles Q2 Profit Thanks to iPad, iPhone, Mac Sales
UPDATED: Stock advance makes the company worth as much as the seven major media conglomerates combined.
Apple on Wednesday said its fiscal second-quarter profit almost doubled as consumers worldwide snapped up iPads, iPhones and Macintosh computers even as sales of the iconic iPod tumbled.
Apple's results soared past the expectations of analysts, and the stock -- which rose 1% during regular trading to $342.41 -- surged 4% in the after-hours session.
Apple's closing price Wednesday gives the company a market capitalization of $315 billion -- equal to Disney, Time Warner, News Corp., Sony, Viacom, CBS and Comcast combined.
Apple's quarterly profit was $6 billion, up from $3.1 billion in the same quarter a year ago, on revenue that rose 83% to $24.7 billion.
The most notable product of the quarter was the iPhone, which posted sales of 18.7 million, more than twice as many as were sold in the same quarter a year earlier.
The company said it sold 4.7 million iPads during the quarter and 3.8 million Mac computers but only 9 million iPods, down 28% from a year ago.
During a conference call with analysts, COO Tim Cook said "the demand on iPad 2 has been staggering," and he noted the product was "heavily backlogged."
The Apple iTunes store, where consumers buy digital copies of music, TV shows, movies, apps and more, scored $1.4 billion in sales, up 27% from the year-ago quarter.
Cook also addressed analysts' fears that the massive earthquake in Japan would disrupt Apple's supply chain.
"Our preference from the beginning of this tragedy has been to remain with our long-term partners in Japan," he said. "And I have to say they have displayed an incredible resilience that I've personally never seen before in the aftermath of this disaster."
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