Apple reports 2Q profits of USD 13.8 bn, up 25.3 per cent

Apple reported a jump in second-quarter earnings today and announced a hefty new share buyback plan, although sales of iPhone smartphones narrowly missed expectations.

Apple reported a 25.3 per cent rise in earnings to USD 13.8 billion. But iPhone sales for the quarter ending March 31 came in at 52.2 million, a bit below consensus estimates of 53 million. Shares rose 4.1 per cent to USD 176.07 in after-hours trading.