Apple bounces back with strong finish to 2011

After tepid sales July-to-September, Apple came back with a vengeance in the last three months of 2011, vastly exceeding estimates and setting new records. Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in the holiday quarter of 2010.

NEW YORK — After tepid sales July-to-September, Apple came back with a vengeance in the last three months of 2011, vastly exceeding estimates and setting new records. Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in the holiday quarter of 2010. The result may make Apple the world’s largest maker of smartphones. Samsung Electronics, which held that place last summer, said it expects to report shipping about 35 million smartphones October to December. October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S. Apple said net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 per cent from $6 billion, or $6.43 per share, a year ago. Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple’s fiscal first. Revenue was $46.33 billion, up 73 per cent from a year ago. Analysts were expecting $38.9 billion. The Cupertino, California company shipped 15.4 million iPads in the quarter, again more than doubling sales over the same quarter last year. Apple shares rose $33.03, or 7.9 per cent, to $453.53 in extended trading. If the rally in extended trading survives into regular trading today, Apple will retake the position of most valuable company in the world from Exxon Mobil Corp.

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