Q1 2012: Apple stronger than expected.

WorldWide Tech & Science. Francisco De Jesús.

Q1 2012: Apple stronger than expected.

Apple sold 35.1 million iPhones - which accounts for about half its revenue - in the March quarter, outpacing the 30 million or so expected by Wall Street analysts.

Margins blew past forecasts - helped by lower-than-expected commodity costs - while a five-fold iPhone sales surge in China, Taiwan and Hong Kong bolstered revenue in the region to $7.9 billion.

"That shows they are able to maintain their pricing without compromising on growth," said Morningstar analyst Michael Holt.

Apple sold 11.8 million iPads, the latest version of which hit store shelves in mid-March. That compared with the average forecast of up to 13 million.

The consumer electronics giant said its fiscal second-quarter revenue rose 59 percent to $39.2 billion, better than the average analyst estimate of $36.8 billion, according to Thomson Reuters I/B/E/S.

Net income rose to $11.6 billion, or $12.30 a share, from $6 billion, or $6.40 per share, a year earlier. That also outpaced Wall Street's target of $10.04 a share.

Apple's stock gained more than 7 percent to $601, from a close of $560.28 on Nasdaq. That is still far below its intraday high of $644 reached this month.

Source: reuters.