Apple Earnings Steamroll Market Expectations

Apple (NSDQ: AAPL) has steamrolled market epxectations after reporting record second quarter earnings.

Apple posted revenue of $13.5 billion and a profit of $3.07 billion, or $3.33 a share. Wall Street analysts were predicting $2.44 a share on $12 billion in revenue. For the same quarter last year, Apple posted revenues of of $9.08 billion and a profit of $1.62 billion, or $1.79 a share.

The increase earnings came across the Apple product range. Apple sold 2.94 million computers (up 33% on Q2 2009); 8.75 million iPhones (up 131%) and even the much hammered iPod line came in at 10.89 million iPods (down 1%).

“We’re thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent,” Steve Jobs said in a media release. “We’ve launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.”

Apple CFO Peter Oppenheimer said the company expects revenue of “of about $13.0 billion to $13.4 billion and we expect diluted earnings per share in the range of about $2.28 to $2.39” in the third quarter.