Apple earnings outpace expectations

Apple far exceeded analyst expectations with earnings of $46.3 billion in the first quarter of its 2012 fiscal year. The $13.1 billion profit in the quarter was the company's best ever.

Apple far exceeded analyst expectations with earnings of $46.3 billion in the first quarter of its 2012 fiscal year. The $13.1 billion profit in the quarter was the company's best ever

Analysts had predicted $38.8 billion in revenue and a $10.1 billion profit.

The shockingly high revenue was largely driven by standout holiday-related sales of iPhones and iPads. The company sold 37 million iPhones and 15.4 million iPads in the quarter, more than double the amount sold a year ago.  

It has been reported that the company expects $32.5 billion in revenue in its current quarter, which many speculate is a conservative estimate.

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