April 27--Apple posted net income of $13.6 billion during the first three months of the year on top of stronger-than-expected demand for the iPhone, the company announced Monday.
The profit represented a 33% jump, from $10.2 billion, in the same period last year. Apple's earning per share came in at $2.33, topping the $2.16 per share prediction of analysts polled by Bloomberg.
Apple sales in Greater China and other parts of Asia except Japan soared about 66% compared with last year to more than $21 billion. Overall revenue was $58 billion.
Apple's board of directors also approved increased dividends and additional share buybacks, meaning that by March 2017, Apple will have sent $200 billion of cash back to shareholders. It's already returned about $112 billion.
"We believe Apple has a bright future ahead, and the unprecedented size of our capital return program reflects that strong confidence," Chief Executive Tim Cook said in a statement. "While most of our program will focus on buying back shares, we know that the dividend is very important to many of our investors, so we're raising it for the third time in less than three years."
As of March 28, Apple had $194 billion in cash and marketable securities.
Apple sold 61.2 million iPhones from January through March, about 18% fewer than it did during a record holiday quarter. But the iPhone continues to push sales of apps and other services. Even as iPad sales slid more than expected -- down 29% in terms of revenue compared with a year earlier -- the App Store charged up 9% and ever closer to the $5 billion mark.
Also taking a hit were the iPod, Apple TV and other products from the company and its Beats Electronics subsidiary. Revenue fell 10% compared with early last year, down to $1.7 billion.
Apple's market cap has grown about 13% over the last three months to about $772 billion, making it the world's most valuable company. Shares of Apple closed at $132.65, up 1.82% on the day. They moved up another 1% in early after-hours trading.
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