Apple Tops Street 1Q Forecasts

CUPERTINO, Calif. (AP) -
A man uses his mobile phone near an Apple store in Beijing. (AP Photo/Ng Han Guan, File)

Apple Inc. on Tuesday reported fiscal first-quarter net income of $17.89 billion.

On a per-share basis, the Cupertino, California-based company said it had profit of $3.36.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.

The maker of iPhones, iPads and other products posted revenue of $78.35 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $76.93 billion.

For the current quarter ending in April, Apple said it expects revenue in the range of $51.5 billion to $53.5 billion. Analysts surveyed by Zacks had expected revenue of $52.79 billion.

Apple shares have climbed nearly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 2 percent. Shares closed Tuesday’s trading session at $121.35, a climb of 26 percent in the last 12 months.

In aftermarket trading Tuesday, the shares were up $3.75, or 3.1 percent, to $125.10.