Apple profits up 118% in first quarter, iPhone sales double

After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.

Apple CEO Tim Cook talking about the iTouch, iPad and iPhone at the company's Cupertino, Calif. headquarters Oct. 4, 2011 (Credit: Associated Press)

NEW YORK (AP) -- After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.

Apple says it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in last year's holiday quarter.

Net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 percent from $6 billion, or $6.43 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple's fiscal first.

Revenue was $46.33 billion, up 73 percent from a year ago. Analysts were expecting $38.9 billion.


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