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Apple bucks Wall Street estimates with record March revenues

Apple's Q2 2013 results reveal the company made $9.5b in profit and $43.6b in revenue. The company has also increased its capital return program to $100b

iPad mini - Main

In its earnings call last night, Apple announced record march revenues of $43.6b and profit of $9.5b for Q2 2013.

As ever, CEO Tim Cook and CFO Peter Oppenheimer hosted the conference call for investors and the media, which saw the company announce results in line with the guidance it gave during Q1 2013.

Its quarterly revenue was up from last year’s Q2 figure of $39.2b and net profit was down from last year’s  $11.6b. This puts the company’s gross margin down to 37.5 percent, compared to 47.4 percent in Q2 2012.

During the quarter, iPhone sales remained relatively flat, growing around seven percent year-on-year from 35.1m in Q2 2012 to 37.04m in Q2 2013. iPad sales, however, have skyrocketed, up 65% year-on-year from 11.8m in Q2 2012 to 19.5m in Q2 2013. The average selling price (ASP) of the iPad did drop, however, likely due to the introduction iPad mini which Tim Cook described as being priced, “aggressively”.

Mac sales were also down two percent year-on-year, but this decline appears to have slowed down compared to the 23 percent drop year-on-year in Q1 2013.

The company also more than doubled its capital return programme, cromprising of dividends and a share buyback program, to $100b, a $55b increase from the program that was announced last year.