“Apple Inc.’s iPhone is reeling in buyers in China, sending quarterly profit up by 33 percent and fueling a surge in growth that led the company to boost its capital-return program by $70 billion,” Tim Higgins reports for Bloomberg.
“Net income in the period that ended in March was $13.6 billion, or $2.33 a share, and revenue rose 27 percent to $58 billion, the Cupertino, California-based company said Monday,” Higgins reports. “iPhone sales in greater China outpaced those in the U.S. for the first time, helped by the Chinese New Year celebration, Apple said.”
“Booming demand for the iPhone 6 and 6 Plus is putting Apple on pace for its highest annual profit since 2012 — a record — and the company forecast sales in the current period that may exceed analysts’ estimates. That signals enduring demand for the larger-screened smartphones and optimism for the new Apple Watch, the company’s first new gadget under Chief Executive Officer Tim Cook… Another bright spot for Apple was Mac unit sales, which rose 10 percent to 4.56 million, as new products breathed life into the product line.”
Read more in the full article here.
MacDailyNews Take: With any luck, Apple will open today at a new all-time intraday high. In pre-market trading, AAPL is currently trading at an all-time record $134.59.