Apple revenue soars on iPhone sales
Apple has trumped sceptics once again by reporting massive iPhone sales.
The world's most valuable company said it sold 35 million iPhones in the January-to-March quarter, almost twice as many as it sold a year ago and above analyst expectations.
Apple's stock was down 2% at the close of regular US trading, as investors believed phone companies had reined in iPhone sales. In extended trading, the stock rallied 40.02 dollars, or 7.1%, to 600.30 dollars.
Net income in the company's fiscal second quarter was 11.6 billion dollars (£7.25 billion), or 12.30 dollars per share. That was nearly double the net income of six billion dollars (£3.75 billion), or 6.40 dollars per share, a year ago.
Analysts polled by FactSet were expecting earnings of 10.07 dollars per share for the latest quarter, Apple's fiscal second.
Revenue was 39.2 billion dollars (£24.5 billion), up 59% from a year ago. Analysts were expecting 37 billion dollars (£23.1 billion).
IPad sales came in below analyst expectations, at 11.8 million units. But that was still two and a half times as many as it sold in the same quarter a year ago. Apple launched a new iPad model in the quarter, and supplies are still tight. Mr White believes short supplies of the new high-resolution screen are to blame.
Mac sales were also slightly below expectations, at four million, up 7% from last year. Meanwhile, the overall PC market grew about 2%.
IPhone sales accounted for 58% of Apple's revenue, more than ever. Three years ago, the figure was 27%.
Keeping with the trend over the last year, Asia, and in particular China, accounted for much of the revenue growth. Sales in "Greater China", which includes Hong Kong and Taiwan, were three times those of a year ago, and accounted for 20% of Apple's revenue.