Apple Inc. shares surged in the extended session Thursday after the company beat earnings and revenue expectations. Apple shares jumped 3.3% to $173.74 after hours. The company reported fiscal fourth-quarter net income of $10.71 billion, or $2.07 a share, compared to $9 billion, or $1.67 a share, in the year-ago period. Revenue rose to $52.6 billion from $46.85 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.87 a share on revenue of $50.69 billion. For the fiscal first quarter, analysts expect earnings of $3.75 a share on revenue of $85.16 billion. Executives issued fiscal first-quarter guidance of between $84 billion and $87 billion. Apple stock has surged 45.2% this year, with the S&P 500 index rising 15.2%. The Dow Jones Industrial Average , of which Apple is a component, rose 19% this year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News