Apple sold 43.7 million iPhones last quarter beating expectations; stock soars on split news
During the fiscal second quarter, Apple reported sales of 16.3 million Apple iPads. That is a decline from the 19.5 million sold last year, and a big drop off from Wall Street's guess that Apple would sell 19.36 million tablets in the quarter. Apple has been losing share in the tablet market, after dominating the category from its inception.
Apple has also announced a 7 for 1 stock split, and the board has also approved another $30 billion in share buybacks through the end of 2015. Outside of the miss in iPad sales, it was a very positive report from Apple, especially the better than expected iPhone sales. For the period, Apple earned $10.2 billion on $45.6 billion in revenue, beating expectations. After hours, the shares are up $41 to $566.