Apple doubles profits to $12 billion on solid iPhone sales

Apple nearly doubled its profit last quarter with stronger-than-expected iPhone sales. Apple, the world’s most valuable company, said it sold 35.1 million iPhones during the first three months of 2012, beating the expectations of analysts. Apple’s shares rose more than 7 percent, stopping a two-week slump that has pulled the stock down nearly 13 percent from its all-time peak. The iPhone 4S saw a hike in overseas sales in the past quarter, specifically after the device launched on China Unicom in January and China Telecom in March. Apple’s Asian revenues grew 32 percent over the previous quarter.

Apple also announced that it sold 11.8 million iPads, with sales boosting due to the launch of the third generation iPad, released in mid-March. The iPad is now the company’s fastest-selling device, reaching 67 million sold since it launched two years ago. It took Apple three years to sale as many iPhones, five years to sell as many iPods, and 24 years to sell as many Macintosh computers. The genius company’s net income rose to $11.6 billion, or $12.30 per share, up 95 percent from a year earlier. Analysts projected earnings of $10.04 per share. Briefly, Apple reached a market valuation of $600 billion before the recent slide, becoming the second company to reach that level. Microsoft achieved it in 1999. Apple’s cash hoard grew to an astonishing $110.2 billion at the end of the quarter.