Apple shares are up four percent on results that handily beat Wall Street expectations.
The company reveals it sold more than 18-million iPhone units in the first quarter. That was two-and-a-half-million more units than anticipated. Sales of Apple’s iPad weren’t as outstanding, although the company still dominates the tablet market with an 80-percent share. When Apple’s earnings were announced after the closing bell on Wall Street, shares in the California computer giant shot up another eleven dollars after closing more than four dollars higher during the regular session.
Speaking on a conference call, Apple executives say they expect only limited ramifications from the earthquake and tsunami that hit Japan. Although the quake has raised concerns over availability of some components, the Apple execs say the company will take a hit this quarter of less than one percent of projected global quarterly sales.