Apple Q2 profits top $10bn as iPhone sales soar

Apple has revealed better-than-expected second quarter profits of $10.2bn (£6.1bn), with iPhone sales up 17% year on year.

Apple: iPhone sales are up 17% year on year
Apple: iPhone sales are up 17% year on year

While iPad sales struggled – down 13% on the same period in 2013 – Apple enjoyed an unexpected uplift in iPhone revenues for the three months to 29 March, with quarterly revenues reaching $45.6bn (£27.2bn).

Apple chief executive Tim Cook said: "We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services. We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market."

The technology giant has also announced plans to return $130bn (£77,4bn) to shareholders, in what is being described as one of the biggest investor windfalls of all time.

Apple is set to buy back an extra $30bn (£17.9bn) of its own shares, following a $60bn (£37.7bn) buyback programme last year, increasingly the quarterly dividend by 8%.

Cook said: "We are announcing a significant increase to our capital return programme.

"We’re confident in Apple’s future and see tremendous value in Apple’s stock, so we’re continuing to allocate the majority of our program to share repurchases. We’re also happy to be increasing our dividend for the second time in less than two years."

Apple’s CEO recently provided the voiceover for a two-minute film celebrating the brand’s green credentials.

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