Apple?s share price soared to record levels Wednesday after the high-tech giant posted results that blew past expectations.
Apple was up more than $28 a share or nearly 7 percent to?$448.57, a?record high, after it reported?results late Tuesday that were far higher than forecasts as consumers snapped up near-unprecedented numbers of iPhones and iPads, sending its shares into record territory.
Apple said its quarterly revenue and earnings were the highest ever.
iPhone sales accounted for more than half of Apple's revenue for the first time, as 37 million handsets were sold in the quarter, generating more than $24 billion in revenue. That was 53 percent of the total of $46 billion, which?handily beat the average Wall Street analyst estimate of $39 billion, according to Thomson Reuters I/B/E/S.
Apple posted overall profits of $13 billion --?$1 billion a week -- for the holiday quarter, more than double the $6 billion posted a?year ago. Apple earnings of a $13.87 per share were far beyond the $10.04 per share forecast on average?by analysts, according to FactSet.
?We?re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,? Apple CEO?Tim Cook said in a statement.??Apple?s momentum is incredibly strong, and we have some amazing new products in the pipeline.?
The tech giant was a standout in what has otherwise been a fairly lackluster earnings season. So far, 58 percent of companies have beaten forecasts, while at this stage in past earnings seasons 70 percent had topped estimates.
"Apple's results were tremendous and the company continues to distance itself from industry peers," said Bill Kreher, an analyst at Edward Jones. "Just the magnitude of the iPhone beat is very impressive."
Apple shares, already trading near record levels, jumped 9 percent in after-hours trading on the earnings news.
"It's a monster quarter," said Colin Gillis, an analyst at BGC Financial. "Their guidance is strong too, it's a holiday quarter. There's just a worldwide demand for Apple products."
"Going into 2012 I expect strength of iPhone, iPod Touch and iPad should carry on into the year,"?said Hendi Susanto of Gabelli & Co. "Apple still has some tailwind including opening up new retail stores and expanding its distribution channels."
The Associated Press and Reuters contributed to this report.
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