Apple soars as Q1 earnings and revenue beat expectations

Apple shares rose 5% in after-hour trading after the tech giant’s first quarter earnings beat Wall Street’s expectations.

The company reported earnings of $3.06 per share on revenue of $74.6bn, comfortably above analysts’ forecast of $2.60 a share on $67.69bn in revenue.

Apple reported sales of iPhones reached 74.5m units versus a 65.7m estimate, while it sold 21.4m iPad units against a 22.2m estimate.

For the current quarter the group forecast revenue of $52bn to $55bn, while analysts expected $53.7bn.