CUPERTINO, Calif. – CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Tuesday reported fiscal first-quarter net income of $18.02 billion.
The Cupertino, California-based company said it had profit of $3.06 per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.60 per share.
The maker of iPhones, iPads and other products posted revenue of $74.6 billion in the period, also exceeding Street forecasts. Analysts expected $67.38 billion, according to Zacks.
For the current quarter ending in March, Apple said it expects revenue in the range of $52 billion to $55 billion. Analysts surveyed by Zacks had expected revenue of $53.65 billion.
Apple shares have declined 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has declined slightly more than 1 per cent. In the final minutes of trading on Tuesday, shares hit $109.14, an increase of 39 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at http://www.zacks.com/ap/AAPL
Keywords: Apple, Earnings Report, Priority Earnings