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April 28, 2015

Apple profits soar, but is the iPad dying?

61.2 million iPhones sold, but iPad sales decline 23%.

By CBR Staff Writer

Apple has reported a 27% increase in its revenue to $58bn for fiscal second quarter ending 28 March 2015, up from $45.65bn last year due to strong iPhone sales.

The company posted a net profit of $13.6bn, or $2.33 per share, in Q2, compared to $10.22bn, or $1.66 per share, a year earlier.

Sales in Greater China increased 71% to $16.8bn. Revenue from Americas and Europe increased 19% and 12% to $21.31bn and $12bn, respectively.

Apple sold 61.2 million iPhones in Q2, up 40% from the same period last year. Mac sales increased 10% to 4.56 million units.

iPad sales declined 23% to 12.62 million units in the quarter, when compared to 16.35 million last year.

Apple CEO Tim Cook said: "We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever.

"We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch."

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Apple expects its fiscal 2015 third quarter revenue to be in the range of $46bn and $48bn.

The company has authorised an increase of over 50% to its share-buying programme. Apple intends to use a total of $200bn of cash by the end of March 2017.

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