S&P 500 (NYSE:SPY) component Apple Inc. (NASDAQ:AAPL) reported net income above Wall Street’s expectations for the second quarter. Apple Inc. offers a range personal computers, mobile devices, and portable digital music and video players. The company also sells related software, services, peripherals, and networking solutions.
Apple Earnings Cheat Sheet for the Second Quarter
Results: Net income for Apple Inc. rose to $5.99 billion ($6.40/share) vs. $3.07 billion $3.33/share) YoY. A rise of 94.8% from the year earlier quarter.
Revenue: Rose 82.7% to $24.67 billion YoY.
Actual vs. Wall St. Expectations: AAPL (NASDAQ:AAPL) beat the mean analyst estimate of $5.35/share. Estimates ranged from $4.85 per share to $5.98 per share.
Quoting Management: “With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Steve Jobs, Apple’s CEO. “We will continue to innovate on all fronts throughout the remainder of the year.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 66.4%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 88.3% from the year earlier quarter.
The company has now seen net income rise in three-straight quarters. In the first quarter, net income rose 77.7% and in the fourth quarter of the last fiscal year, the figure rose 2.7%.
Competitors to Watch: Google Inc. (NASDAQ:GOOG), Hewlett-Packard Company (NYSE:HPQ), Dell (NASDAQ:DELL), Microsoft (NASDAQ:MSFT), Adobe (NASDAQ:ADBE), IBM (NYSE:IBM), Intel (NASDAQ:INTC), Super Micro (NASDAQ:SMCI), Verizon (NYSE:VZ) and Research In Motion Limited (NASDAQ:RIMM).
Today’s Performance: Shares of AAPL (NASDAQ:AAPL) are trading at $350 as of April 20, 2011 at 4:50 PM ET, up 2.5% from the previous closing price of $337.86.