Apple Beats Fiscal Projections As iPhone Sales Double

Apple's quarterly profits rose nearly 50 percent on revenue growth of 32 percent year-over-year, as iPhone sales doubled over the same quarter in the previous year.

In fiscal Q1 2010, which ended December 26, 2009, Apple's profits hit $3.38 billion, from $2.26 billion in Q1 2009, and its revenue climbed to $15.68 billion from $11.88 billion.

Part of that can be pinned on a surge in iPhone sales. The company sold 8.7 million units of the phone and entertainment/gaming device in Q1, up 102 percent from 4.3 million units the previous year.

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