Apple beats profit estimates, reports record sales

Apple beats profit estimates, reports record sales

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Apple Inc. (AAPL.NASDAQ) reported third-quarter profit that topped analyst estimates, lifted by record sales of iPhones and iPads and strong performance in emerging markets like China, Bloomberg reported. Net income more than doubled compared with a year earlier to US$7.31 billion or US$7.79 per share, while sales climbed 82% to US$28.6 billion. Apple's expansion into China and other fast-growing markets helped make up for slower growth in the US. Chinese sales reached US$3.8 billion, up almost sixfold from a year earlier. "China was very key to our results," Chief Operating Officer Tim Cook said on the conference call. "We're just scratching the surface. There is an incredible opportunity for Apple there." The company plans to broaden its retail chain by opening 30 stores in the next quarter, including in Hong Kong.