Apple Earnings 1: Q2 Profit Rises 88 Percent To $770 Million; Addresses Backdating Accusations

With a federal investigation of backdating still hanging over the head of Steve Jobs, Apple (Nasdaq: AAPL) was able to focus on some positive news on Wednesday, as the sale of Macs and iPods helped boost 2Q earnings 88 percent. Apple said its 2Q revenue came in at $5.26 billion, compared to $4.36 billion the year before, while net profit was $770 million, versus 2Q06’s $410 million. Gross margin was 35.1 percent, up from 29.8 percent over the prior year. Apple also noted international sales accounted for 43 percent of the quarter