AAPL Weekly Financial News Roundup: Earnings Report Surpasses Expectations, Stock to Split and More
Submitted by Jon Reed on
The biggest news of the week from Apple (NASDAQ: AAPL) was the company's Q2 earnings report, which was released on Wednesday. Quarterly revenue, net profit and gross margin all surpassed the year ago quarter's numbers, as well as most analysts' expectations. The better-than-expected earnings were mostly due to 43.7 million iPhone sales, which easily topped last year's Q2 sales of 37.4 million and analysts' expectations of around 38 million. On the other hand, iPad sales slumped to just 16.35 million, down 16 percent from a year ago.
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Despite the lagging iPad sales, Tim Cook found reason to be optimistic - two thirds of iPads registered in the last six months were registered by people new to Apple products. That translates to more future sales, assuming the new customers are pleased with their iPads. Apple corporate controller Luca Maestri noted that iPad