Apple Tops Q4 Views

reported upbeat earnings for its fiscal fourth quarter on Tuesday. The Cupertino, California-based company posted quarterly net income of $11.12 billion, or $1.96 per share, compared to $8.47 billion, or $1.42 per share, in the year-ago quarter. Its revenue surged 22 percent to $51.50 billion from $42.12 billion. Analysts were projecting a profit of $1.88 per share on revenue of $51.1 billion. The average estimate among 1185 Estimize users was for earnings of $1.92 per share and revenue of $51.35 billion. During the quarter, Apple sold 48.04 million iPhones, versus sales of 39.27 million units in the year-ago period. Its gross margin widened to 39.9 percent for the quarter, versus 38 percent in the year-earlier quarter. The company's board declared a cash dividend of $0.52 per share of common stock. "Fiscal 2015 was Apple's most successful year ever, with revenue growing 28% to nearly $234 billion. This continued success is the result of our commitment to making the best, most innovative products on earth, and it's a testament to the tremendous execution by our teams," said Tim Cook, Apple's CEO. "We are heading into the holidays with our strongest product lineup yet, including iPhone 6s and iPhone 6s Plus, Apple Watch with an expanded lineup of cases and bands, the new iPad Pro and the all-new Apple TV which begins shipping this week." For the current quarter, the company projects gross margin of 39 percent and 40 percent. It expects revenue of $75.5 billion to $77.5 billion, versus analysts' estimates of $77.14 billion. Apple shares rose 0.38 percent to $114.99 in after-hours trading.