Huge iPhone sales help Apple's quarterly results demolish forecasts
The new iPad is seen in a window display at an Apple Store on April 24, 2012. (Getty) Credit: The new iPad is seen in a window display at an Apple Store on April 24, 2012. (Getty)
Apple's quarterly results beat Wall Street estimates on stronger-than-expected demand for the iPhone.
While iPad sales were a little lighter than expected, the overall results sent the stock up 7%, recouping some losses from the past two weeks that had stemmed from concerns about weakening sales growth for iPhones.
Apple sold 35.1 million iPhones - which accounts for about half its revenue - in the March quarter, outpacing the 30 million or so expected by Wall Street analysts.
Margins blew past forecasts - helped by lower-than-expected commodity costs - while a five-fold iPhone sales surge in China, Taiwan and Hong Kong bolstered revenue in the region to $7.9 billion.
Bracing for extreme heat ... LI kidnapping that shocked world ... Nurses to strike ... New eatery with old roots
Bracing for extreme heat ... LI kidnapping that shocked world ... Nurses to strike ... New eatery with old roots
