Apple reports record earnings, sales for a non-holiday quarter

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Apple Inc. continued its hot streak Wednesday, posting better-than-expected revenue across all of its product categories for the March quarter while boosting its buyback program by $90 billion and raising its dividend by 7%.

Shares were up 3.2% in after-hours trading.

The company reported fiscal second-quarter net income of $23.6 billion, or $1.40 a share, up from $11.2 billion, or 64 cents a share, a year earlier. Analysts tracked by FactSet were expecting 99 cents a share in earnings.

Apple’s
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revenue for the quarter rose to $89.6 billion from $58.3 billion, while analysts were projecting $77.1 billion. The revenue total was a record for the March quarter.

The company saw iPhone sales climb to $47.9 billion from $29.0 billion a year ago, above the FactSet consensus, which called for $41.4 billion. The March quarter marked the first full quarter of availability for Apple’s iPhone 12 line.

Apple’s iPad and Mac businesses continued to stay hot as consumers looked for technology that could help them work and study from home. Revenue from iPads rose to $7.8 billion from $4.4 billion and came in far ahead of the FactSet consensus of $5.6 billion. Revenue from Macs increased to $9.1 billion from $5.4 billion, whereas analysts were expecting $6.8 billion.

The company generated $7.8 billion in revenue from its wearables, home and accessories category, up from $6.3 billion a year prior and ahead of the FactSet consensus, which called for $7.4 billion. Revenue from Apple’s services segment grew to $16.9 billion from $13.3. billion, while analysts were looking for $15.5 billion.

“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,” Chief Financial Officer Luca Maestri said in a statement.

The company added $90 billion to its stock-buyback authorization and raised its dividend by 7% to 22 cents a share. Apple historically provides updates on its capital-return plans with its March-quarter release.

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