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Thu 26 Apr 2012 11:30 AM

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Apple doubles quarterly profits

Apple profit almost doubled last quarter, reflecting robust demand for the iPhone in China and purchases globally of a new version of the iPad

Apple doubles quarterly profits
Apple quarterly profit almost doubled, blowing past Wall Street estimates after a jump in iPhone sales, particularly in the greater China region, and soothing fears that the iPhone was past its best days for sharp growth. (Bloomberg)
Apple doubles quarterly profits
Shares in Apple, the world's most valuable technology company, shot 7 percent higher after the bell, recouping some losses from the past two weeks that had stemmed from concerns that iPhone sales growth rates could not be maintained. (Bloomberg)
Apple doubles quarterly profits
While iPad sales were a little lighter than expected, fiscal second-quarter revenue jumped to US$39.2bn, 59 percent more than a year earlier and 6.5 percent higher than analysts' average forecasts. (Bloomberg)
Apple doubles quarterly profits
Lower-than-expected commodity costs also helped lift margins way above estimates. (Bloomberg)
Apple doubles quarterly profits
"That shows they are able to maintain their pricing without compromising on growth," said Morningstar analyst Michael Holt.\nHolt added that this had come even though lower priced competition from Google's Android phones - made by the likes of Motorola Mobility and Samsung Electronics were becoming more compelling. (Bloomberg)
Apple doubles quarterly profits
"The concern was that Apple might sell more older models to be more competitive. That would have shown up in the gross margin. But aggregate gross margin and average revenue per device show that this hasn't happened," he said. weeks. (Bloomberg)
Apple doubles quarterly profits
Apple sold 35.1m iPhones - which account for about half its revenue - in the quarter, outpacing the 30m or so expected by Wall Street analysts, with pent-up demand for the 4S bolstering revenue for China, Taiwan and Hong Kong five-fold to US$7.9bn. (Bloomberg)
Apple doubles quarterly profits
"International iPhone sales were on fire," Apple Chief Financial Officer Peter Oppenheimer told Reuters in an interview.(Bloomberg)