Business, Economics and Jobs

Apple earnings nearly double on brisk iPhone Q1 sales


Apple Store employees cheer during the grand opening of the Apple Store Porta di Roma on April 21 in Rome.


Paolo Bruno

Is the sky really the limit?

The iPhone has again rocketed Apple Inc past investor’s expectations, according to CNET, which cites second-quarter earnings of $11.6 billion, or $12.30 per share.

By market capitalization, Apple is now the largest publicly traded company in the world, surpassing the oil giant Exxon Mobil.

More from GlobalPost: iPad news: The Apple obsession

Apple sold 35.1 million iPhones in the first three months of this year, nearly doubling the number sold in the first quarter of 2011, according to CNET. That helped propel revenues to $39.1 billion, 47 percent more than the $26.67 billion the company took in during the same period in 2011.

The stellar Apple numbers helped quiet investor concerns after weaker-than-expected iPhone activations at Verizon and AT&T, according to CNNMoney.

More from GlobalPost: 3D printing: A stepping stone to new human tissue and body parts

According to CNBC, Apple shares rose 4 percent on the news. However the day saw some volatility in the share price, with the stock closing down 2 percent at $560.28 only to rebound in after-hours trading by 6.55 percent to $596. 53.