Apple reported blow out quarterly earnings on Tuesday that revealed their profits nearly doubled last quarter based on growing international demand for their popular iPhones.
Apple’s net income rose 94% to 11.6 billion or 12.30 diluted share EPS while sales increased 59% to 39.2 billion.
Bloomberg previously estimated quarterly earnings of 10.2 EPS on revenues of 36.9 million.
Apple sold 35.1 million iPhones during the post holiday quarter, a figure that surpassed even the most bullish Apple analysts who projected 33 million.
Sales of iPhones accounted for half of Apple’s revenue for the quarter.
Apple sold 11.8 million iPads which mostly fell in line with estimates despite facing slower sales during the beginning of the quarter.
Gene Munster, an analyst from Piper Jaffray, told Bloomberg’s Emily Chang yesterday on Bloomberg West that he sees stronger iPad sales next quarter.
“I think you will see a strong bounce back in iPad sales in the June quarter” Munster said.
During yesterday’s conference call, Apple’s CEO Tim Cook gave a glowing report about the progress that Apple has made with their iPads and iPhones.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook, Apple’s CEO. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
Apple reported that international sales accounted for 64% of the quarter’s revenues.
Shares of Apple have declined nearly 13% during the past two weeks, tumbling from its 52 week high of 644 based on concerns of a slowdown in iPhone sales across the U.S.
On Tuesday, shares of Apple closed at 560.28 but jumped to 603.8 in after-hours trading following the release of Apple’s blow out earnings.