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Apple tops Street 1Q forecasts

CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Tuesday reported fiscal first-quarter net income of $17.89 billion.

On a per-share basis, the Cupertino, California-based company said it had profit of $3.36.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.

The maker of iPhones, iPads and other products posted revenue of $78.35 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $76.93 billion.

For the current quarter ending in April, Apple said it expects revenue in the range of $51.5 billion to $53.5 billion. Analysts surveyed by Zacks had expected revenue of $52.79 billion.

Apple shares have climbed nearly 5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 2 percent. In the final minutes of trading on Tuesday, shares hit $121.35, a climb of 26 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at https://www.zacks.com/ap/AAPL

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Keywords: Apple, Earnings Report, Priority Earnings