Apple Q1 Results Trounce Estimates

(RTTNews) - Apple Inc. (AAPL) reported net income for the first quarter of $18.0 billion or $3.06 per share, compared to $13.1 billion or $2.07 per share for the year-ago quarter.

Net sales for the first quarter rose to $74.60 million from $57.59 million in the same quarter last year.

The results were fueled by all-time record revenue from iPhone and Mac sales as well as record performance of the App Store, the company said. iPhone unit sales of 74.5 million also set a new record.

Analysts polled by Thomson Reuters expected the company to earn $2.60 per share on revenue of $67.69 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, Apple forecasts second quarter revenue of $52 billion to $55 billion. Gross margin for the second quarter is expected to be between 38.5% and 39.5%. Analysts currently expect the company to post revenue of $53.79 billion for the second quarter.