CUPERTINO, Calif. (TheStreet) -- Investors pushed up Apple's (AAPL) - Get Report stock to an all-time high Wednesday after the company said after the market closed yesterday that sales of iPhones and iPads more than doubled in the most recent quarter.
Apple's shares surged as much as 8.1%, bringing this year's increase to 10%, after the company shredded analysts' estimates late on Tuesday. They recently traded at $446.
Apple's stock hit a new all-time high on Wednesday.
The Cupertino, Calif.-based company reported first-quarter earnings of $13.06 billion, or $13.87 a share, on revenue of $46.33 billion. Analysts had been expecting profit of $10.15 per share on just over $39 billion in revenue.
The iPhone maker offered robust guidance for the second quarter, predicting earnings of $8.50 per share on $32.5 billion in revenue, more than analysts' forecast of $8.04 a share on revenue of $32.1 billion.
Apple's sales growth accelerated. The company, for example, sold 37.04 million iPhones in the quarter, a 128% jump from a year earlier, and 15.43 million iPads, an increase of 111%. During the first quarter, Apple sold 5.2 million Macs, a 26% year-over-year increase.
"Apple reported the best quarter in its 35-year history, handily beating the most optimistic of expectations," noted Shaw Wu, an analyst at Sterne Agee, in a research note. "We continue to believe that Apple is positioned to outperform in this tough macroeconomic environment."
Based on its current share price, Apple now has a market value of $416.7 billion, edging past
$413.08 to again
the world's most valuable company.
--Written by James Rogers in New York.
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