Apple Inc reported sharp gains in quarterly revenue and profit as the company moved to adopt new accounting standards for its iPhone.

The company posted net income of $3.38 billion, or $3.67 a share, in the fiscal first quarter ended December 26, up from $2.26 billion, or $2.50 cents a share, in the year-ago period, when Apple was using the old accounting standard.

Revenue rose to $15.68 billion from $11.9 billion.

Apple forecast earnings for the current quarter of $11 billion to $11.4 billion on earnings of $2.06 to $2.18 a share.

Shares of Cupertino, California-based Apple closed up 2.69 percent at $203.08 on Nasdaq.

(Reporting by Gabriel Madway; Editing by Richard Chang)