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Boffo Q2 For Apple

CUPERTINO, CA (CelebrityAccess MediaWire) — Apple has reported huge gains for the second quarter of 2011, with earnings surging by 95%, bolstered by strong sales of their iPhone and allaying fears of supply problems related to the Japanese crisis.

Apple reported net income of $6.40 per share on revenue of $24.7 billion, handily beating analysts, who predicted earnings of $5.37 per share on revenue of $23.4 billion.

In February, Verizon became the second major carrier to offer the iPhone, helping Apple to shift more than 18.7 million handsets in the previous quarter. Apple's other new product offering, the iPad 2 released in March, hasn't seen such a strong showing however because Apple hasn't been able to supply enough units to meet demand, though Apple says they are ramping up production ahead of the iPad's wider international release.

Apple also took the wind out of investors concerns that the Japanese earthquake might have resulted in supply problems for the company, saying that they don't expect there to be any "material" effect this quarter, however they are anticipating possible sales losses of as much as $200 million there. – CelebrityAccess Staff Writers