Apple Profit Rises 94% on Growing Global IPhone Demand
Apple Inc. (AAPL) has its biggest gain in more than three years after reporting that demand for the iPhone in China fueled a 94 percent surge in quarterly profit. That eased concerns that had cut shares 12 percent in two weeks.
Net income in the fiscal second quarter climbed to $11.6 billion, or $12.30 a share, as sales rose 59 percent to $39.2 billion, Cupertino, California-based Apple reported yesterday. Analysts had predicted profit of $10.02 a share on revenue of $36.9 billion, data compiled by Bloomberg show.