iPhone sales power surging Apple profits

(MoneyWatch) Apple (AAPL) on Tuesday reported surging second-quarter profits of $11.6 billion, up 94 percent from the year-ago period. Sales came in at $39.2 billion, compared with $24.7 billion a year ago.

Driving the revenue hike were strong sales of iPhones, which accounted for 88 percent of unit growth in the quarter. Apple also sold 11.8 million iPads during the period, up 151 percent unit from a year ago.

"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Apple CEO Tim Cook in a statement.

The company reported earnings per share of $12.30, topping analyst estimates of $10.02. Apple shares rose 5.3 percent, to $590.42, in after-hours trading immediately after the company disclosed its earnings. The stock has fallen 13 percent since hitting an all-time high on April 9.

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