Proving the sceptics wrong again, Apple nearly doubled its profit last quarter thanks to much stronger-than-expected iPhone sales to raise the cash hoard of world’s most valuable company to an astounding $110.2 billion.
Apple said on Tuesday it sold 35.1 million iPhones during the first three months of 2012, soundly beating analysts’ expectations. That was a relief to investors, following weaker-than-expected iPhone activations from Verizon and AT&T during the quarter.
Shares of Apple rose more than 7 percent after hours, halting a two-week slump that has dragged the stock down nearly 13 percent from its all-time peak, CNN reported.
The iPhone 4S got a big boost from overseas sales in the past quarter, particularly after the device launched on China Unicom in January and China Telecom in March. Apple’s Asian revenues grew 32 percent over the prior quarter.
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