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See the best of Reuters photography. See more | Photo caption Sudan war reignites Sudanese war planes bombed a town in South Sudan in an attack the southern army called a declaration of war. Slideshow LA riots: 20 years later The intersection of Florence and Normandie, flashpoint of the riots, as it looks today. Slideshow Apple crushes Street targets, dispels iPhone fears Tweet Share this Email Print Related News AT&T profit up, helped by iPhone sales drop 1:29pm EDT Chinese investors scramble for a bite of Apple 3:34am EDT Texas Instruments revenue forecast beats Street Mon, Apr 23 2012 Wall Street up on earnings but tech, banks weigh Fri, Apr 20 2012 Chipmaker AMD's results point to better PC market Thu, Apr 19 2012 Analysis & Opinion Previewing e-books defense: No price-fixing, no harm to readers If Apple, publishers plotted they didnâ€™t need to Related Topics Tech » Hot Stocks » Asian Markets » Media » China » iPad » The company's logo is seen on the Apple store in Washington October 6, 2011. Credit: Reuters/Yuri Gripas By Poornima Gupta SAN FRANCISCO | Tue Apr 24, 2012 5:15pm EDT SAN FRANCISCO (Reuters) - Apple Inc's quarterly results handily beat Wall Street's estimates, driven by strengthening margins and robust global demand for its iPhones, boosting its shares more than 7 percent. Shares of the world's most valuable technology corporation resumed their rally after a two-week decline. Apple sold 35.1 million iPhones - its flagship product which accounts for about half its revenue - in the March quarter, outpacing the 30 million or so expected by Wall Street analysts. "International iPhone sales were on fire," Apple Chief Financial Officer Peter Oppenheimer told Reuters in an interview, adding that sales of the smartphone in the Greater China region jumped five-fold from the previous year. Apple sold 11.8 million iPads, the latest version of which hit the store shelves in mid-March. The strong results came after a 13 percent decline in Apple's share price over the past couple of weeks in unusually volatile trading. The stock had long been considered a must-have in most U.S. equity portfolios. "When you have a strong rally in a stock it often sells off for no better reason than uncertainty. I think you're going to see the naysayers go away," said Michael Yoshikami, CEO of YCMNet Advisors. Gross margins in the fiscal second quarter climbed to 47.4 percent from 41.4 percent a year earlier, surpassing Wall Street's average forecast of 42.8 percent. 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 shares gained more than 7 percent to $601, from a close of $560.28 on Nasdaq. (Reporting By Poornima Gupta and Edwin Chan, Editing by Richard Chang) Tech Hot Stocks Asian Markets Media China iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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