Apple’s profits surge 93% in 1st quarter
Smartphone maker Apple Inc. netted $11.6 billion or $12.30 a share during the first three months of this year, up 93 percent from $6 billion or $6.40 a year earlier, the company reported Tuesday.
Output jumped 59 percent to $39.2 billion during the cited period.
The figures blew away market expectations. Analysts expected the company would earn $10.07 per share on sales of $37 billion, according to FactSet Research, a financial data and software company headquartered in Norwalk, Conn.
The company said it sold 35.1 million iPhones and 11.8 million iPads in the January-March period.
Apple’s stock rose four percent in after-hours trading.