Apple earnings nearly double on brisk iPhone Q1 sales
Apple Store employees cheer during the grand opening of the Apple Store Porta di Roma on April 21 in Rome.
Is the sky really the limit?
The iPhone has again rocketed Apple Inc past investor’s expectations, according to CNET, which cites second-quarter earnings of $11.6 billion, or $12.30 per share.
By market capitalization, Apple is now the largest publicly traded company in the world, surpassing the oil giant Exxon Mobil.
More from GlobalPost: iPad news: The Apple obsession
Apple sold 35.1 million iPhones in the first three months of this year, nearly doubling the number sold in the first quarter of 2011, according to CNET. That helped propel revenues to $39.1 billion, 47 percent more than the $26.67 billion the company took in during the same period in 2011.
The stellar Apple numbers helped quiet investor concerns after weaker-than-expected iPhone activations at Verizon and AT&T, according to CNNMoney.
More from GlobalPost: 3D printing: A stepping stone to new human tissue and body parts
According to CNBC, Apple shares rose 4 percent on the news. However the day saw some volatility in the share price, with the stock closing down 2 percent at $560.28 only to rebound in after-hours trading by 6.55 percent to $596. 53.
The story you just read is available for free because thousands of listeners and readers like you generously support our nonprofit newsroom. Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you: We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll get us one step closer to our goal of raising $25,000 by June 14. We need your help now more than ever!