Apple Blows Past Earnings Estimates

Apple earnings story updated to include comments from earnings call

NEW YORK ( TheStreet) -- Apple ( AAPL) blew past first-quarter earnings estimates Tuesday, boosted by strong sales of its Mac, iPhone and iPad products.

The company posted profit of $6.43 a share, significantly above analyst estimates of $5.37 a share.

First-quarter revenue jumped to $26.74 billion from $15.68 billion during the same period last year, beating analyst expectations of $24.4 billion.

Apple sold 16.24 million iPhones, up 86% over the year-ago period. It also sold 7.33 million iPads during the first quarter.

The Cupertino, Calif.-based tech giant sold 4.13 million Macs during the quarter, up 23% over the year-ago quarter.

iPods were the only segment to witness a decline, selling 7% less units than the year-ago quarter.

Asia is a key growth driver for Apple going forward, Chief Operating Office Tim Cook said on an earnings call with analysts.

Mainland China, Hong Kong and Taiwan generated $2.6 billion in revenue for the quarter, up four times from the previous year's period.

Apple has sold over 160 million cumulative iOS devices, Chief Financial Officer Peter Oppenheimer said.

Apple is also focused on gaining market share in the enterprise space.

More than 80% of Fortune 100 companies are piloting or have deployed iPads including JPMorgan ( JPM) and Wells Fargo ( WFC), the company said.

"We think there's a huge place in the enterprise for us," Cook said. "We're just scratching the surface."

Apple is forecasting a profit of $4.90 per share next quarter on revenue of $22 billion.

The company finished the quarter with more than $60 billion in cash.

Shares of Apple shot up more than 3.5% to $353.46 in after-hours trading following Tuesday's announcement.

At last post, shares were up 1.3%.

--Written by Olivia Oran in New York.

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