Apple Posts the Best Quarter in Corporate History

SAN FRANCISCO (AP) -

Apple had another blowout quarter thanks to its new plus-sized iPhones, which helped the company smash sales records for the holiday season.

Apple said Tuesday that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating analysts’ expectations for the latest models of Apple’s most popular gadget, introduced in September.

The surge in iPhone sales drove the company’s total revenue to $74.6 billion, up 30 percent from a year earlier. CEO Tim Cook said on a call with analysts that demand for the phones was “staggering,” and noted that results would have been even higher if not for the impact of the strong dollar on overseas sales. Net income rose 38 percent to $18 billion, as Apple reported earnings of $3.06 a share. Analysts surveyed by FactSet were expecting earnings of $2.60 a share on revenue of $67.39 billion.

Apple shares closed Tuesday at $109.14, down 3.5 percent, but rose over 5 percent in after-hours trading on the report. The stock has gained more than 50 percent over the last year, making Apple the world’s most valuable company with a market capitalization of $651 billion.