Apple profit, revenue surge


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)

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