Apple shares rocket as profits smash Wall Street forecasts

Apple has seen its quarterly profit almost double, rocketing past analysts' forecasts and allaying fears of limited future sales of the iPhone.

The world’s most valuable tech company saw its profits rise 94% in the fiscal second quarter. Net income over the period rose to $11.6bn, up from $6bn last year, as sales climbed 50% to $39.2bn. Sales of the iPad and iPhone into the Chinese market helped Apple’s stellar growth, accounting for sales rising from 12% last year to 20% over the reporting period. Apple shares rose 7% to $601 in after hours trading on Wall Street, clawing back at least some of the 12% they have lost since 9 April. High profile investors including John Chatfeild-Roberts at Jupiter have raised concerns t...