The number crunchers in Cupertino are notorious for conservative estimates when it comes to forecasting revenue for the next quarter, but Apple has managed to exceed Wall Street’s expectations yet again with $39.2 billion in revenue for their fiscal second quarter.

Apple has released fiscal second quarter results for 2012 for the period ending March 31, and it’s another blockbuster indeed. Cupertino posted $39.2 billion in quarterly revenue with a net profit of $11.6 billion, or $12.30 per diluted share.

That’s a net profit increase of 94 percent over last year for the same period, where Apple raked in a mere $24.7 billion and net profit of only $6 billion ($6.40 per diluted share). International sales continue to make up a huge chunk of Apple’s income, accounting for 64 percent of the revenue for the fiscal second quarter.

The iPhone was yet again one of the stars of the show in Q2 FY12, with 35.1 million handsets sold during the quarter for an 88 percent unit growth year-over-year. But the iPad wasn’t exactly a slouch either, racking up 11.8 million units thanks to an accelerated international launch, for a 151 percent increase over the same quarter last year.

“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said CEO Tim Cook in a press release ahead of the company’s quarterly earnings call with investors. “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.”

The Mac is still going strong as well, with Apple moving four million units even without a recent product refresh, for a seven percent increase from the same quarter in 2011. While iPod sales declined 15 percent compared to last year, Apple still pushed 7.7 million units into the market, which is more than many MP3 player manufacturers manage to do in an entire year.

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

Cook and Oppenheimer kicked off the conference call by recapping Apple’s Mac sales, which continue to outgrow the overall PC industry. OS X Mountain Lion was previewed during the quarter and is on track for a “late summer” release as planned.

Recapping the iPod side of the business, the 7.7 million units sold were actually ahead of the company’s own expectations, with the iPod touch making up half of the units sold. Despite the continued downward trend, the iPod’s share of the overall market remains more than 70 percent, as the top-selling MP3 player in every country that Apple tracks.

The iTunes Store also continues to be a moneymaker with revenue of $1.9 billion, a 35 percent year-over-year increase thanks to continued sales of music, video and apps. The store now stocks more than 28 million songs and 45,000 movies.

Moving on to the iPhone, Asia Pacific and Japan continue to show strong growth, more than doubling during the quarter. Sales in China also improved more than five times year-over-year thanks to the iPhone 4S, which is now available on more than 230 carriers in more than 100 countries.

The new iPad definitely made a splashy debut toward the end of the fiscal second quarter, which is now available in over 40 countries. The iPad made up $6.6 billion of Apple’s overall revenue -- not bad for a product category that didn’t even exist three years ago. The iPad is also outselling the Mac in the educational market, with two tablets sold for every Mac.

Including the iPhone, iPod touch and iPad, there are now more than 365 million devices sold to date, with more than 600,000 apps -- 200,000 aimed specifically at the iPad. iCloud continues its expansion with more than 125 million customers now signed up since launch.

On the Apple retail front, the company’s stores made up $4.4 billion of overall revenue, with 826,000 Macs sold -- and half of those Macs were sold to first-time owners. Apple now has 363 stores at the end of the quarter, having opened new stores in the Netherlands and in Houston, Texas, while one-third of the stores are now outside of the United States.

Apple’s cash hoard continues to grow, with $110.2 billion now in the coffers. The company has already announced plans for a $2.65 stock dividend to come in July, but no further details were announced on that today.

With the numbers rattled off, Apple turned the floor over to questions from analysts. Katie Huberty at Morgan Stanley chimed in first, concerned about Apple’s fiscal third quarter revenue guidance, which as Oppenheimer noted, is expected to be a more modest $34 billion. While the CFO seemed to dance around the question, the answer seems to point to no new iPhone this summer, despite rumors to the contrary. (We expect Apple to repeat the iPhone 4S launch by releasing in October again.)

Richard Gardner from Citigroup inquired about the company’s Mac growth, which CEO Cook notes is enjoying its 24th straight quarter outgrowing the overall PC industry. While the iPad does appear to be somewhat cannibalizing the Mac market, Apple seems to downplay any ill effects from this trend.

Toni Sacconaghi with Sanford Bernstein attempted to pick Cook and Oppenheimer’s brains on the subject of lower price points, with the CFO explaining that the new $399 entry price for the iPad 2 has thus far been a success, although it’s too early to tell how it may affect other products down the road.

Sacconaghi posed a follow-up question related to future product convergence, to which Cook replied, “Anything can be forced to converge, but the problem is that the products are about tradeoffs. You begin to make tradeoffs to the point where what you have left at the end of the day doesn't please anyone. You can converge a toaster and a fridge, but that's not going to please the user.”

Piper Jaffray analyst Gene Munster dug for information on Apple’s business in China, which Cook claims made up $7.9 billion of the company’s total revenue, a three-fold increase over last year during the same quarter. The CEO cites “pent-up demand for the iPhone 4S,” which then created a “halo effect” for the company’s other product, despite the new iPad not having launched in China yet.

Ben Reitzes with Barclays Capital posed a question regarding any potential bottlenecks in Apple’s manufacturing due to supply chain constraints. “We work very closely with our supplier partners and do everything that we can do to get supply, and sometimes we're successful, and sometimes we're not,” Cook explained. “You can bet that we're focused on anything that we think may impact us, and try to push every button within our disposal.”

On the subject of Walmart, Cook claims Apple has no plans to expand to all 10,000 of the chain’s retail stores, but the company considers Walmart a valued partner for the iPod, and an “evolving partner” for the iPhone and iPad.

Mark Moskowitz from JP Morgan queried on the subject of patent litigation, to which Cook responded, “I've always hated litigation, and I continue to hate it. We just want people to invent their own stuff.” Cook elaborates that he would “highly prefer to settle versus battle,” noting that “it’s very important that Apple not become the developer for the world.”

Shannon Cross from Cross Research pressed for details on iCloud customer satisfaction and how users are accessing it, but CFO Oppenheimer was quick to dismiss the question, claiming Apple doesn’t want to help its competitors by making the information public. Considering 125 million users have signed up since October, the company is quite pleased with their cloud service thus far.

Cook also noted that component costs in the fiscal second quarter were “better than we had planned,” which contributed to the company beating its own estimates. Heading into the fiscal third quarter, Cook sees NAND and mobile DRAM supply exceeding demand, and therefore “expect pricing will continue to be favorable.”

Apple’s fiscal second quarter 2012 conference call wrapped up right on schedule after one hour, which means we’ll all have to wait three more months to do it all over again.

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