Strong sales of iPhones propel Apple's earnings

By DAVID SARNO / Los Angeles Times

Apple Inc. trounced analyst expectations yet again Monday while continuing its string of record quarters.
Riding booming sales of its blockbuster iPhone 4 – the company said it sold 14.1 million units of the smart phone during the new model’s debut quarter – Apple reported an all-time-high $20.34 billion in sales. The iPhone alone accounted for $8.8 billion of Apple’s revenue in the period.
Wall Street analysts expected $19.3 billion in sales.
Sales of the new iPhone rose more than 90 percent over the previous quarter, an increase that seemed to mute concerns that the company might have lost momentum after the phone stumbled through problems with its antenna shortly after its release.
“We are blown away to report over $20 billion in revenue and over $4 billion in after-tax earnings – both all-time records for Apple,” said Apple CEO Steve Jobs, adding, “We still have a few surprises left for the remainder of this calendar year.”
Apple also sold 4.19 million iPads, nearly a 30 percent increase over the 3.3 million the company sold in the tablet device’s debut quarter.
Shares of Apple’s stock rose $3.26, or 1 percent, to $318 during regular trading. Earlier in the day, the stock hit an all-time high of $319 a share, representing a 50 percent gain since January.