Apple has done it again. After market close on Tuesday the company reported quarterly revenue that handily beat Wall Street estimates, driven by strong demand for its iPhones and iPads, sending its shares 7% higher in after-hour trading.
The consumer electronics giant said its fiscal second-quarter revenue rose to $39.2 billion, better than the average analyst estimate of $36.8 billion, according to Thomson Reuters I/B/E/S. The world’s most valuable company said it sold 35.1 million iPhones during the first three months of 2012, soundly beating analysts’ expectations. Apple also announced that it sold 11.8 million iPads. Boosting sales was the launch of the third generation of the tablet, which went on sale in mid-March, as well as Apple’s decision to continue selling the very similar iPad 2 at a $100 discount. Mac sales grew to 4 million, and iPod sales slipped to 7.7 million.
“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,” said Tim Cook, Apple’s CEO, in a prepared statement. Overall, sales for the Cupertino, Calif.-based company rose 59% to $39.2 billion, topping the median forecast of $36.8 billion of analysts polled by Thomson Reuters.
Apple’s net income rose to $11.6 billion, or $12.30 per share, up 95% from a year earlier. Analysts forecasted earnings of $10.04 per share.
For the current quarter, Apple said it expects earnings of $8.68 per share on sales of $34 billion. That is well below Wall Street’s expectations, but investors typically take Apple’s historically conservative guidance with a grain of salt.
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