Reuters: Global Markets: Apple revenue jumps, beats expectations

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Apple revenue jumps, beats expectations Apr 24th 2012, 20:58 Tweet Share this Email Print Related News AT&T profit up, helped by iPhone sales drop 1:29pm EDT Chinese investors scramble for a bite of Apple 3:34am EDT Texas Instruments revenue forecast beats Street Mon, Apr 23 2012 Wall Street up on earnings but tech, banks weigh Fri, Apr 20 2012 Chipmaker AMD's results point to better PC market Thu, Apr 19 2012 Analysis & Opinion Report: Q & A – Why New York is the nation’s top online fraud center, and which transactions are riskiest More Apple antitrust woes: CEO, directors at hub of poaching case Related Topics Tech » Hot Stocks » Asian Markets » Media » iPad » The company's logo is seen on the Apple store in Washington October 6, 2011. Credit: Reuters/Yuri Gripas By Poornima Gupta SAN FRANCISCO | Tue Apr 24, 2012 4:58pm EDT SAN FRANCISCO (Reuters) - Apple Inc on Tuesday reported quarterly revenue that handily beat Wall Street's estimates, driven by strong demand for its iPhones and iPads, sending its shares more than 5 percent higher. The consumer electronics giant said its fiscal second-quarter revenue rose 59 percent to $39.2 billion, better than the average analyst estimate of $36.8 billion, according to Thomson Reuters I/B/E/S. Shares of the world's most valuable technology corporation resumed their rally after Apple revealed that 35.1 million iPhones - its flagship product - were bought in the March quarter, outpacing the 30 million or so expected by Wall Street analysts. Apple sold 11.8 million iPads, the latest version of which hit the store shelves in mid-March. The strong results came as the company's stock fell 13 percent - an unusual move - in the last couple of weeks in volatile trading. The shares have long been considered a must-have in most U.S. equity portfolios. "When you have a strong rally in a stock it often sells off for no better reason than uncertainty. I think you're going to see the naysayers go away," said Michael Yoshikami, CEO of YCMNet Advisors. Gross margins in the fiscal second quarter came to 47.4 percent, above Wall Street's average forecast of 42.8 percent. Net income rose to $11.6 billion, or $12.30 a share, from $6 billion, or $6.40 per share, a year earlier. That also outpaced Wall Street's target of $10.04 a share. Apple's shares gained more than 5 percent to $590, from a close of $560.28 on Nasdaq. (Reporting By Poornima Gupta; Editing by Richard Chang) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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