Apple reports very strong fiscal second quarter iPhone and iPad sales
Apple reported a 79% hike in fiscal second quarter iPad sales
Continuing the strong comeback started last year thanks to the pandemic, iPad sales soared 79% during the fiscal second quarter from $4.37 billion to $7.81 billion. Employees working from home and kids attending online classes helped create strong demand for Apple’s tablet line. And after being used for work or school, the slates were used for entertainment including the streaming of movies and music, to play games, and more.
Apple had a great quarter in China where sales amounted to $17.73 billion from $9.46 billion the year before for an increase of 87.4%. Sales in the Americas increased to $34.31 billion from $25.47 billion while European revenue went from $14.29 billion during last year’s fiscal second quarter to $22.26 billion this year. Including the $7.74 billion it grossed in Japan and the $7.54 billion garnered in the rest of the Asian-Pacific region, Apple set new revenue records in all of its geographical regions.
During the fiscal second quarter, Apple had net income of $23.63 billion which was more than double the $11.25 billion net announced last year. On a diluted basis, earnings per share were $1.40 versus the 64 cents a share that Apple earned during the 2020 fiscal second quarter.
Luca Maestri, Apple’s CFO, said, “We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high. These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter.”
Apple’s shares initially rose to $138.41 in after-hours trading, but slipped back down to $136.32, up $2.74 or 2.05%. During the regular trading session, Apple closed at $133.58 for a loss of 81 cents or .60%. Apple also announced that it will buy back as much as $90 billion of its shares, up from the $50 billion it authorized last year.
The firm also announced a 7% gain in the dividend to 22 cents.
