The big news on Wall Street yesterday was the quarterly earnings report from Apple, and it did not disappoint. Apple said that its quarterly profit rose 31 percent, with fourth-quarter net income totaling $11.12 billion, up from $8.47 billion in the year-ago period. Revenue increased to $51.50 billion, up 22 percent from a year earlier.
The iPhone remains the key to Apple’s earnings, accounting for nearly 63 percent of the company's revenue in the quarter. For the quarter, Apple sold 48 million iPhones, outpacing sales of 39 million units a year earlier, with sales to China being a key driver.
Apple didn't disclose sales for its new Apple Watch, including those sales with the iPod, Apple TV and Beats accessories in its “other products” category. Sales of that segment rose 61 percent to $3.04 billion. The one downside: Sales of the iPad continued to slump, falling for a seventh straight quarter.