Apple has trumped sceptics once again by reporting massive iPhone sales.
The world's most valuable company said it sold 35 million iPhones in the January-to-March quarter, almost twice as many as it sold a year ago and above analyst expectations.
Apple's stock was down 2pc at the close of regular US trading yesterday, as investors believed phone companies had reined in iPhone sales.
But in extended trading, the stock rallied $40.02 dollars, or 7.1pc, to $600.30. "They're delivering the goods much stronger than even the biggest bulls would have thought," said analyst Brian White. "It's Apple fever at its finest."
Net income in the company's fiscal second quarter was $11.6bn (¤8.85bn). That was nearly double the net income of $6bn (¤4.5bn) a year ago.
IPad sales came in below analyst expectations, at 11.8 million units. But that was still two and a half times more than in the same quarter a year ago. Apple brought out a new iPad model in the quarter, and supplies are still tight. Analysts believe short supplies of the new high-resolution screen are to blame.