(RTTNews) – Shares of Apple Inc. (AAPL) are up more than 2% in pre-market trade on Thursday after reporting upbeat second-quarter results on Wednesday, after the market close.
Net profit in the second quarter nearly doubled to $23.63 billion or $1.40 per share compared with $11.249 billion or $0.64 per share in the same quarter a year ago.
Revenue for the quarter jumped 54% year-over-year to $89.6 billion, helped by 66% growth in iPhone sales.
Apple increased its dividend 7% to $0.22 per share, payable on May 13, to shareholders of record as on May 10.
The company’s Board also authorized an increase of $90 billion to the existing share repurchase program.
“We expect our June quarter revenue to grow strong double digits year over year. However, we believe that the sequential revenue decline from the March quarter to the June quarter will be greater than in prior years for two reasons. First, keep in mind that due to the later launch timing and strong demand, iPhone only achieved supply demand balance during the March quarter. This will cause a steeper sequential decline than usual. Second, we believe supply constraints will have a revenue impact of 3 to $4 billion in the June quarter,” said Luca Maestri, Chief Financial Officer.
AAPl, closed Wednesday’s regular trade at $133.68, down 0.60%. The stock is currently at $137.15.