Shares for tech giant Apple Inc. (NASDAQ:AAPL) rose more than 6 percent in after hours trading following the company’s Second Quarter 2012 Earnings Report. For the fiscal quarter ending March 31, 2012, Apple posted revenue of $39.2 billion on Net Profit of $11.6 billion; amounting to $12.30 per diluted share. Apple’s 2Q 2012 EPS was well above many analysts estimates of between $10 and $11 and compared very favorably to Year Over Year results from 2Q 2011.

The maker of the new iPad reported sales of 35.1 million iPhones from January through March of this year, which represents 88% unit growth from the same period in fiscal year 2011. A total of 11.8 million iPads were sold as well, which is more than 150% over 2Q 2011. The company also enjoyed increased Mac sales of 4 million with a 15 percent unit decline in iPods.

Apple Inc. Chief Executive Officer Tim Cook told investors Tuesday, “We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

3Q 2012 Guidance

Chief Financial Officer Peter Oppenheimer added, “Our record March quarter results drove $14 billion in cash flow from operations. Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.

The guidance forecast put forth by Apple’s CFO is more in-line with numbers that analysts expected for the second quarter of this year, which could be a significant reason behind the stock’s market value surge in after hours trading. Apple has been at the forefront of mobile device and tablet computer innovation over the last few years, leading customer demand at first in iPod sales and then morphing into a mobile device and tablet computer behemoth thanks to its iPhone and iPad.

Apple Inc. Stock Performance

Shares were up more than 6 percent in after hours trading Tuesday afternoon following the company’s earnings report. By the stock market closing bell on Monday, Apple was priced just over $560 but quickly jumped beyond $598 per share late Tuesday.

With a Price To Earnings Ratio of 15.96 to go along with its market capitalization of $522.39 billion, many analysts are expecting the stock to surge beyond its $644 all-time record level set earlier this year. Some have gone as far as predicting that the firm’s market value could even eclipse $1,000 per share eventually. Apple stock has traded in a 52-week range of $310.50 to $644.00 and has an annualized Earnings Per Share of $35.11.

New Product Launch: Apple TV

Apple also launched its new television product, dubbed Apple TV, earlier this year. The company’s official website claims that the Apple TV with 1080 HD provides access to the best content including movies, TV shows, sports, music, photos and more; directly onto the customer’s widescreen TV set. Priced at $99, the product enables users to play content from their iOS devices using AirPlay.

Apple TV is expected to directly compete with services such as Netflix, which had enjoyed a stranglehold on the American online video streaming market up until June of last year when it decided to raise basic monthly subscription prices.

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