Apple shares soar on record quarterly earnings

Results trounce Wall Street estimates as company posts impressive sales, profit

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Shares of Apple (NASDAQ: AAPL) soared in after-hours trading Tuesday after the consumer electronics company posted stellar fiscal third-quarter earnings.

Apple reported after Tuesday's market close net earnings of $7.31 billion, or $7.79 per diluted share, more than double the year-ago quarter's profit of $3.25 billion, or $3.51 per diluted share.

(Also see: Survey: iCloud increasing consumer interest in Apple's iOS)

Revenue was $28.57 billion for the quarter ended June 25, up 82 percent from last year's Q3 sales of $15.7 billion.

Consensus estimates had forecast Q3 net income of $5.80 a share and revenue of $24.9 billion.

In after-hours trading, shares of Apple were up as high as 405.00, or 7.5 percent above the regular session's closing price of 376.85. Which means you can expect Apple on Wednesday to top the all-time high of 378.85 it set in regular trading on Tuesday.

Some details from Apple's earnings release:

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

In a statement accompanying the release, co-founder and CEO Steve Jobs said, "We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent. Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall."

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