Apple on Wednesday announced financial results for its fiscal 2014 second quarter. The Cupertino-based company posted revenue of $45.6 billion with a profit of $10.2 billion, or $11.62 per share. That topped analyst expectations of $10.18 per share on $43.53 billion in revenue.
In the year ago period, Apple reported $43.6 billion in revenue with just $9.5 billion in profit.
The successful quarter was once again led by strong iPhone sales. Wall Street anticipated Apple selling 37.7 million handsets but the actual figure came out to be much higher at 43.7 million units. Year-over-year, that’s an increase of 17 percent.
The one glaring issue on an otherwise flawless earnings report was iPad sales which were down 16 percent. Analysts expected Apple to sell around 19.2 million units but they fell short with just 16.35 million tablets sold.
Apple CEO Tim Cook said the company reduced channel inventory this year compared to an increase last year. What’s more, they ended the first quarter with a backlog of iPad minis which just shipped in this last quarter.
In addition to earnings, Apple announced a seven-for-one stock split that’ll start on June 2, 2014, the first time the company has split its stock since 2005. That means shareholders will get an additional six shares for every one they now own. The company also announced they will be upping their share buyback program to $90 billion.