2019 American Music Awards

Apple Profit Beats Expectations, Shares Jump

Apple Inc reported a quarterly profit that beat Wall Street's estimates, and gave an outlook that cheered investors, who sent its shares up 10 percent.

The maker of the iPhone, iPods and Mac computers said on Wednesday its net profit in the fiscal first-quarter ended December 27 rose to $1.61 billion, or $1.78 a share, from $1.58 billion, or $1.76 a share, a year ago. Analysts were expecting a per-share profit of $1.40, according to Reuters Estimates.

Revenue rose 5.8 percent to $10.2 billion, beating the $9.74 billion average Wall Street estimate.

Apple, known for conservative forecasts, said it expected a profit for the March quarter of 90 cents to $1.00 a share, on revenue of $7.6 billion to $8 billion.
The results cap a tumultuous month for Apple, which is facing increased concern from investors about slumping consumer spending and the company's succession plan after Chief Executive Steve Jobs said he would take a medical leave of absence until June.

Shares of Cupertino, California-based Apple closed up 6 percent at $82.83 on Nasdaq before the results. They rose another 9.6 percent in after-hours trading to $90.85.

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