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Apple smashes targets in Q2

Apple sells record number of iPhones in Q2, with net profit up 88% year-on-year

Apple smashes targets in Q2
Apple intends to show more innovations this year, says Cook.

Apple has shrugged off fears of waning growth with the release of strong results for the quarter ending March 31 2012.

The tech giant posted net profit growth of 94% year-over-year in the three months to March 31, with sales of its iPhone reaching 35.1 million units in the quarter, representing 88% unit growth over the year-ago quarter.

The company posted quarterly revenue of $39.2 billion and quarterly net profit of $11.6 billion, or $12.30 per diluted share. These results compare to revenue of $24.7 billion and net profit of $6 billion, or $6.40 per diluted share, in the same period last year.

Gross margin was 47.4% compared to 41.4 percent in the year-ago quarter. International sales accounted for 64% of the quarter's revenue.

Apple sold 11.8 million iPads during the quarter, a 151% unit increase over the year-ago quarter. It sold 4 million Macs during the quarter, a 7 percent unit increase over the year-ago quarter, and 7.7 million iPods, a 15% unit decline compared to the same quarter in 2011.

"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Tim Cook, Apple's CEO. "The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver."

Peter Oppenheimer, Apple's CFO, added: "Our record March quarter results drove $14 billion in cash flow from operations. Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68."

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