Macs, iPhones push Apple revenues up 83 percent

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Macs, iPhones push Apple revenues up 83 percent

Sales stronger than expected, despite iPad.

Apple has posted results that blew past Wall Street expectations, fueled by solid demand for its products.

Gross margins in the fiscal second quarter came to 41.4 percent, above Wall Street's average forecast of 39.03 percent.

Apple reported a net profit of US$5.99 billion, while revenue surged 83 percent to US$24.67 billion.

Apple was said to be preparing to build the next iPhone model with a faster processor, which will begin shipping in September, three people with direct knowledge of the company's supply chain said on Wednesday.

The stellar results came as investors displayed growing concern over how component supply constraints after Japan's earthquake and tsunami will squeeze margins and restrain iPhone and iPad sales.

Apple sold just 4.69 million iPads in the quarter, falling short of Wall Street's expectations. Some analysts had projected shipments of closer to or even more than 6 million for the tablet computer launched on March 11.

But the lower-than-expected number could be attributed to the fact that Apple recognises revenue from its stores when its customers receive the products. The initial wait time for the iPad 2 was four to five weeks.

A large spike in sales of Mac computers, driven by the refreshed MacBook Pro, beefed up March-quarter earnings. Apple said it sold 3.76 million Macs, up 28 percent from a year ago.

It also sold 18.65 million of the high-margin iPhones, which is the technology company's most important product line.

(Reporting by Poornima Gupta; Editing by Richard Chang).

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