Apple posts Q2 earnings: $10.07 EPS on $43.6 billion in revenue; boosts stock buyback by $50 billion

What a difference a year can make. This time last year, Apple’s stock was dancing in the mid-$500 range about to make an explosive run to a record high in late September. Then it all came tumbling down. Apple shares have lost more than 40% of their value since topping $705 last fall, and there are still no signs of a rebound in sight. Things took a sharper turn south in the new year and the stock is down about 23% year-to-date, recently dropping below $400 for the first time since December 2011. Shares rose on Tuesday as investors geared up for Apple to report its fiscal second-quarter earnings, and the numbers are now in.

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According to FactSet, analysts were expecting Apple to post a profit of $9.97 per share on $42.28 billion in revenue and Apple beat the Street’s consensus as it reported earnings of $10.07 per share on revenues totaling $43.6 billion. Apple’s own guidance called for revenue to fall between $41 billion and $43 billion.

In the same quarter last year, Apple earned $12.30 per share on $39.2 billion in sales.

Where Apple’s biggest money-maker is concerned, consensus estimates suggested the company would sell 36.5 million iPhones in the second fiscal quarter and Apple beat expectations, having sold 37.4 million iPhones between January and March.

This article was originally published on BGR.com