Apple Q2 Results Trounce Estimates

(RTTNews) - Apple, Inc. (AAPL) reported net income for the second quarter of $13.6 billion or $2.33 per share, compared to $10.2 billion or $1.66 per share for the year-ago quarter.

Net sales for the second quarter rose to $58.01 billion from $45.65 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $2.16 per share on revenue of $56.06 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts third quarter revenue of $46 billion to $48 billion. Analysts currently expect the company to post revneue of $47.06 billion for the third quarter.

Gross margin for the third quarter is expected to be 38.5% to 39.5%.

Apple also said that its Board of Directors has authorized an increase of more than 50% to the company's program to return capital to shareholders. Under the expanded program, Apple plans to utilize a cumulative total of $200 billion of cash by the end of March 2017.

As part of the revised program, the company's board has increased its share repurchase authorization to $140 billion from the $90 billion level announced last year. In addition, the company expects to continue to net-share-settle vesting restricted stock units.

The company also said its board has approved an increase of 11% to the company's quarterly dividend, and has declared a dividend of $0.52 per share, payable on May 14 to shareholders of record on May 11.