Apple Posts Strong Q2 2013 Earnings
Apple has just reported earnings for its second fiscal quarter of 2013 and the results were better than expected.
Apple earnings came in at $10.09 EPS on $43.60 billion in revenue. Expectations called for $10 EPS and $42.33 billion in revenue. For the quarter, Apple sold 37.4 million iPhones, 19.5 million iPads, and just under 4 million Macs.
The Mac maker announced a dividend of $3.05 a share and expanded its share repurchase program to $60 billion.
Unfortunately, for the first time in a decade, these numbers also reflect the company's year-over-year earnings decline.
As expected, guidance was disappointing.
“We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad,” Tim Cook, Apple’s CEO, said in a statement. “Our teams are hard at work on some amazing new hardware, software and services, and we are very excited about the products in our pipeline.”
Ahead of today's earnings report, investor optimism was certainly less than buoyant. Abhey Lamba, a senior equity research analyst at Mizuho Securities, told CNBC that there are muted expectations for Apple this year due to the fact that only product refreshes are on tap - no groundbreaking new devices.
"We're not expecting (new products) this year," Lamba said. "For value investors it's important for the company to leverage its balance sheet to return more cash to shareholders and be more aggressive on buybacks. For now, they need to embrace value investors until they can prove that they can create new product categories. That's when growth investors will come."