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Slideshow Apple crushes Street targets, dispels iPhone fears Tweet Share this Email Print Related News Dow, S&P rise on earnings, Apple jumps late Tue, Apr 24 2012 Apple infringes on Motorola Mobility patent: ITC judge Tue, Apr 24 2012 AT&T profit up, helped by iPhone sales drop Tue, Apr 24 2012 Chinese investors scramble for a bite of Apple Tue, Apr 24 2012 China's ZTE to sell 100 million smartphones a year by 2015 Mon, Apr 23 2012 Analysis & Opinion China bank pay is the wrong target for reform More Apple antitrust woes: CEO, directors at hub of poaching case Related Topics Tech » Hot Stocks » Asian Markets » Media » China » The company's logo is seen on the Apple store in Washington October 6, 2011. Credit: Reuters/Yuri Gripas By Poornima Gupta SAN FRANCISCO | Wed Apr 25, 2012 3:30am EDT SAN FRANCISCO (Reuters) - Apple Inc's quarterly profit almost doubled after a jump in iPhone sales, particularly for the greater China region, blowing past Wall Street expectations and soothing fears the device was past its best days for sharp growth. Shares in Apple, the world's most valuable technology company, shot up 8 percent in after-hours trade, after falling as much as 13 percent from a record high of $644 in the past two weeks. The results prompted a slew of analysts to raise their target price for Apple. Apple sold 35.1 million iPhones - which account for about half its revenue - in the quarter, outpacing around 30 million expected by Wall Street analysts. Pent-up demand for the iPhone 4S helped lift revenue for China, Taiwan and Hong Kong five-fold. "The room to grow in China is still very large, especially because Apple hasn't started working with China Mobile. Once they start cooperation, it'll keep the growth momentum going even in Q2 when global iPhone 4S sales are expected to drop," said Mike Fang, a fund manager at Paradigm Asset Management based in Taipei. China Mobile, the world's largest mobile operator by subscribers, is the only Chinese carrier that does not have a contract with Apple to sell iPhones. "Right now, Apple stores are only open in first-tier cities in China, so there's still a lot of room to expand." Net income rose to $11.6 billion, or $12.30 a share, from $6 billion, or $6.40 per share, a year earlier, outpacing a Thomson Reuters I/B/E/S consensus estimate of $10.04 a share. Analysts noted that margins had also increased beyond expectations, despite some concerns they could suffer if Apple sold more older models to ward off competition from lower priced Google Inc Android phones - made by the likes of Motorola Mobility and Samsung Electronics. "That shows they are able to maintain their pricing without compromising on growth," said Morningstar analyst Michael Holt. Fiscal second-quarter revenue jumped to $39.2 billion, 59 percent more than a year earlier and 6.5 percent higher than analysts' average forecasts. Helped by lower-than-expected commodity costs, gross margins climbed to 47.4 percent from 41.4 percent a year earlier, above Wall Street's average forecast of 42.8 percent. "International iPhone sales were on fire," Apple Chief Financial Officer Peter Oppenheimer told Reuters in an interview, noting the five-fold increase in Greater China sales to $7.9 billion. But sales of the iPad, the latest version of which hit store shelves in mid-March, came in at 11.8 million iPads, below an average forecast of up to 13 million. "There's no doubt looking in the last quarter and the Christmas season, Apple has executed very well. But you are starting to see the iPad ... reach some sort of saturation with the current product," said Patrick Becker, a principal at Becker Capital Management, which does not own Apple shares. The results came after its shares - long considered a must-have in most U.S. equity portfolios - declined over the past couple of weeks in unusually volatile trading, as investors fretted over potential competitive and pricing pressures. Responding to concerns that wireless carriers may reduce subsidies for the iPhone, thereby lowering Apple's profit margin, Chief Executive Tim Cook said the subsidies aren't large when compared with what carriers can recoup from consumers over a 24-month contract period. So-called churn, or the rate that customers switch from the iPhone to other models, is the lowest of any phone they sell, which has a "significant, direct financial benefit to the carrier," Cook added. As for patent litigation battles with rivals, Cook said he preferred to settle if Apple could get a fair settlement. The company is fighting court battles with several Android phone makers, including Samsung, HTC Corp and Motorola in the United States and other countries. The company, which has said it will finally begin sharing its record cash hoard with investors via a quarterly dividend, added that $74 billion of its $110 billion in cash and securities was now parked outside the United States as of March 31. Apple's stock gained to $603.81 from a close of $560.28 on the Nasdaq but is still far below an intraday high of $644 marked this month. Brokerages raising their target prices on the stock included Citigroup, which lifted its target to $720 from $700. "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, chief executive of Destination Wealth Management. (Additional reporting by Liana Baker, Noel Randewich, Alistair Barr and Clare Jim; Editing by Edwina Gibbs and Jean Yoon) Tech Hot Stocks Asian Markets Media China 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 (1) Rhino1 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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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