The paparazzi may have moved on toÂ Apple’s sexy newiPad, but theÂ iPhoneÂ is still Wall Street’s darling.
Apple sold a record 8.8 million of its popularÂ smart phonesÂ in the three months that ended March 27, more than doubling the number sold a year ago and toppingÂ 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,” saidÂ Piper Jaffray analystÂ Gene Munster, who was astounded that a 3-year-old device could still grow at such a clip. “It’s defying theÂ law of gravity.”
While much of theÂ consumer electronics industryÂ 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.