Apple Soars on Blowout Earnings: Live Blog Recap

CUPERTINO, Calif. ( TheStreet) -- Apple ( AAPL) reported exceptional second-quarter results after market close on Tuesday, boosted my massive iPhone sales, helping reverse the recent sell-off in the tech giant's stock.

The iPhone maker announced quarterly earnings of $12.30 a share on $39.2 billion in revenue. Analysts surveyed by Thomson Reuters expected earnings of $10.04 a share and revenue of $36.8 billion.
Apple CEO Tim Cook.

Despite rumors of an iPhone slowdown, Apple's smartphone business was robust. Apple, for example, enjoyed the second-highest iPhones sales in its history during the quarter, and its Asian iPhone business more than doubled.

Apple sold 35.1 million iPhones during the quarter, down slightly from 37.03 million in its first-quarter, but up a massive 88% compared to the same period last year

In addition to the 35.1 million iPhones, Apple also sold 11.8 million iPads, 4 million Macs and 7.7 million iPods.

Investors were confident that Apple would report another set of strong results, and the Cupertino, Calif.-based technology giant delivered.

Shares of Apple were down $16.07, or 2.81%, to $555.63 on Tuesday. Apple, however, is moving sharply higher in extended-hours trading, up 7.15% to $600.35.

-- Written by James Rogers and Chris Ciaccia in New York.

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