Revenue in China grew to $9.3 billion
Apple reported stronger than expected financial results in the second quarter of fiscal year 2014, thanks to strong iPhone sales and the growth of its China business.
It reported earnings per share of $11.62, compared to the $10.18 analysts expected — and revenue of $45.6 billion, compared to the $43.5 billion expected.
Apple's numbers were down from the previous quarter, which included the holiday period, but the numbers increased across the board from the same second quarter of 2013. The company's stock has climbed more than 40 points in after-hours trading.
“We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services,” Apple CEO Tim Cook said in a statement. “We're eagerly looking forward to introducing more new products and services that only Apple could bring to market.”
Apple sold 43.7 million iPhones, a decline from the previous quarter — but an increase of 17 percent from the year before. It generated $9.2 billion in revenue from its business in China, an increase of 5 percent from the previous quarter and 13 percent form a year ago.
The company sits on billions in cash reserves, and it announced in its earnings report that it would buy back more of its stock in future years. It also said it would split its stock, increasing the amount of stock available to investors.