Boosted By iPhone Sales, Apple Earnings Beat Estimates

Shares of Apple Inc. climbed more than 3% in after-hours trade on Tuesday following the company’s stronger-than-expected earnings report.

The multinational technology company reported revenue for the period increased to $78.35 billion compared with $75.9 billion last year. Revenue in the three-month period to December topped consensus estimate of $77.3 billion, boosted by iPhone and services revenue.

Apple sold 78.3 million iPhone units during the quarter, well above analysts’ expectations of 77 million. Meanwhile, services revenue increased to $7.17 billion, up from $6.01 billion last year and topping the $6.9 billion estimate.

Net income came in at $17.9 billion, or $3.38 a share, compared with $18.4 billion, or $3.30 a share, in the year-earlier period

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