Shares of Apple Inc. were up 2.6 in after-hours trading Tuesday after the smartphone giant delivered a better-than-expected outlook and beat expectations with its fiscal third-quarter results. The company reported net income of $11.5 billion, or $2.34 a share, up from $8.7 billion, or $1.67 a share, a year earlier. Analysts had been projecting net income of $10.8 billion and EPS of $2.16 a share, according to FactSet. Revenue rose to $53.3 billion from $45.4 billion a year ago and came in ahead of expectations for $52.3 billion. Apple sold 41.3 million iPhone units in the quarter, up from from 41 million a year earlier. Analysts were projecting 42 million units sold. The company generated $29.9 billion in iPhone revenue and $9.5 billion in services revenue. For the September quarter, Apple projects revenue of $60 billion to $62 billion. Analysts were projecting $59.5 billion. Shares were up 29% over the past 12 months, as of Tuesday’s close, while the Dow Jones Industrial Average had gained 16%.
Read on Market Watch