Apple earnings exceed expectations

Following the announcement, Apple’s shares have risen by 12 per cent, making them worth more than $460 per share. 

 

As reported by The Telegraph, iPhone sales have also beaten estimates, with 37m units sold in a three month period ending in December – forecasts set expected sales at around 30m. Similarly, iPad sales have smashed estimates by more than 100 per cent after a total of 15.4 units were sold in the first quarter. 

 

Michael Obuchowski, chief investment officer at First Empire Asset Management, said: “Those numbers are just unimaginable. It's still an extremely well-managed company and they are showing that the product pipeline is sufficient even now to generate growth rates that are unrivalled.”

 

Tim Cook, who replaced Steve Jobs as the chief executive of Apple after the co-founder’s death, is said to be “thrilled” with the news.