China boosts Apple’s profits

Apple profits almost doubled in the last quarter, reflecting robust demand for the iPhone in China, as well as purchases of a new version of the iPad tablet, allaying the concerns that fuelled a 12% two-week slump in the stock.

Net income in the fiscal second quarter climbed to $11.6bn (€8.6bn), or $12.30 a share, as revenue increased 59% to $39.2bn, Cupertino, California-based Apple said yesterday in a statement. Analysts had predicted profit of $10.02 a share on revenue of $36.9bn, data compiled by Bloomberg show.

Chief executive Tim Cook is increasingly relying on regions outside the US for sales growth.