Apple outstrips expectations
Company’s quarterly results sent shares soaring into record territory
Apple's quarterly results far exceeded Wall Street expectations, sending the company's shares up 8% and into record levels, according to Reuters.
Apple reported a net profit of $13.06 billion, or $13.87 a share, outstripping an average Wall Street forecast of $10.16 per share.
Apple customers snapped up 37.04 million iPhones and 15.43m iPad tablets during the latest quarter, doubling numbers from 2011 and far exceeding expectations for a strong holiday season.
Sales helped increase the company's cash and securities to approximately $100bn, enough to plug December's US budget deficit and level with California's 2012/13 spending plan, according to Reuters.
The company snapped back to form this quarter, following a disappointing previous quarter, which saw investors worrying that Apple's sheer size would send it into a period of slower growth.
Apple's gross margin came in at 44.7% during the quarter and revenue leapt 73% to $46.33bn, beating the average Wall Street analyst estimate of $38.91bn, according to Thomson Reuters.
Sales in the United States saw a 90% increase in revenue, while sales in Europe were up 55%, despite the region's debt crisis.
Shares in Apple jumped 8% to about $452 in extended trade following the earnings report. The stock - which set a record high of $427.75 just this month - had closed at $420.41 on the Nasdaq.
Apple expects revenue of $32.5bn for its fiscal second quarter, ahead of analyst estimates.