Apple made a whopping $11.5 billion in profit in its latest earnings report, giving its stock a 3 percent boost in after-hours trading.
The Cupertino, California-based company said it had net income of $2.34 per share in its fiscal third quarter ended June 30. The results surpassed Wall Street expectations of $2.17 per share, the Associated Press reported .
The maker of iPhones, iPads and other products posted revenue of almost $53.3 billion in the period, also exceeding Wall Street forecasts. Eight analysts surveyed by Zacks had expected $52.4 billion in revenue for the quarter.
For the current quarter ending in September, Apple said it expects revenue in the range of $60 billion to $62 billion — also better than analysts had expected.
Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $190.29, a vault of 28 percent in the last 12 months.
Apple’s earnings report came out the day the city council in its headquarters of Cupertino is voting on whether to put a measure on the November ballot to tax large employers, like Apple, based on local headcounts. Apple, which opposes the tax, sent the council a letter on Monday touting its investments in its hometown, including sidewalk and crosswalk improvements, and promised to work with the city to improve transportation.
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