Apple Inc posted quarterly revenue that once again blew past analyst expectations in a quarter fueled by swift sales of iPhones and iPads.
Shares of the world's most valuable technology company jumped 6 percent to above $400 following the quarterly earnings report, after closing at $376.85 on Nasdaq.
Apple's earnings came on the same day the Wall Street Journal reported that several Apple board members had discussed a successor to Steve Jobs, and talked it over with at least one head of a high-profile tech company.
MICHAEL YOSHIKAMI, CEO, YCMNET ADVISORS
They never cease to amaze me, these guys. The numbers are obviously very strong and they seem to be accelerating earnings on all fronts. They seem to be able to grow efficiently.
The concern for many people was what's happening with the iPhone. But they tripled iPad sales.
On succession plan report: It's a positive. It doesn't surprise me. They are starting to really promote a team approach, not Steve Jobs alone.
SHANNON CROSS, ANALYST, CROSS RESEARCH
A stellar quarter, upside from iPads and iPhones. a bit below expectations in Macs, but that's likely due to the product refresh that's coming shortly.
They've guided conservatively for years so this is probably another example of them guiding conservatively. We think this is setting up for a very strong back to school and holiday season.
BILL KREHER, ANALYST, EDWARD JONES
Wow, Apple continues to execute on all fronts, further distancing itself from industry peers. First and foremost, the runaway success of the iPad shows it can create demand from scratch. This just increases our confidence in Apple's long-term earnings power.
I think we were cautiously optimistic on the iPhones, given some hesitation of consumers to purchase ahead of a new product cycle. Sales were likely aided by China…
We think this bodes well for all of tech. As the PC landscape is reshuffled, Apple looks to be the primary beneficiary of the shift toward tablets.
BRIAN MARSHALL, ANALYST, GLEACHER & CO
Definitely strong (results) across the board, a surprise to the upside, very positive.
SHAW WU, ANALYST, STERNE AGEE
They totally did it again. They totally crushed it. It's amazing because usually when you see a quarter this strong, it's usually around the holiday period in the December quarter.
For them to produce such strong results in the June quarter, it's remarkable, in light of the economy we are in. It looked like all the areas were stronger than expected except for the iPod.
The iPad, Macs and iPhone were all strong. The iPad in particular was very strong.
(Reporting by Liana B. Baker in New York, Bill Rigby in Seattle and Noel Randewich in San Francisco; Compiled by Paul Thomasch)