The paparazzi may have moved on to Apple’s sexy newiPad, but the iPhone is still Wall Street’s darling.

Apple sold a record 8.8 million of its popular smart phones in the three months that ended March 27, more than doubling the number sold a year ago and topping last quarter’s 8.7 million. The company’s net income shot up 90 percent, shattering Wall Street’s expectations.

“It was a monster iPhone quarter,” said Piper Jaffray analyst Gene Munster, who was astounded that a 3-year-old device could still grow at such a clip. “It’s defying the law of gravity.”

While much of the consumer electronics industry has faltered during the economic downturn, Apple has been impervious, much to the delight of investors. Shares of the company skyrocketed to an all-time high in extended trading Tuesday.

Source: news.yahoo.com

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