Apple Taunts the Bears, Posts Blow-Out Quarter

After the bears lopped $70 billion off of Apple’s value in the last few days, the company went bear hunting Tuesday crushing estimates. Net profits in the March quarter were up 94% year-over-year to $11.6 billion returning $12.30 a share compared to estimates of $10.04 on revenues of $39.28 billion against projections of $36.81 billion. Apple sold a completely unexpected 35.1 million iPhones, up 88% and only two million short of Christmas, plus 11.8 million iPads – up 151% even though the new one was only released mid-quarter – and even a respectable 7.7 million iPods, down 15%. Macs, another spot that had the bears worried, were good for four million units, up 7% and in line with estimates, although Apple admitted they suffered iPad cannibalization. International sales accounted for 64% of revenue.

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