Apple share closed nearly nine percent up at $610 per share Wednesday after the computer giant announced Tuesday evening that iPhone sales had boosted revenue to $39.2 billion in another blockbuster quarter.
In after hours trading, the stock continued to rise slightly, up to $610.10 per share, still off from its all-time high of $644. This reflected a buoyed market overall. The Nasdaq tech stock index closed up 2.3 percent, and the S&P 500 was up 1.36 percent.
The earnings report shattered analysts more cautious predictions for the Cupertino, Calif.-based company. Apple stock had lost about 13 percent of its value in recent days amid chatter that wireless carriers were thinking of cutting subsidies for the mobile phone. Low iPhone sales reported by AT&T and Verizon also had some investors worried.
But Apple said it had 35.1 million phones in the first quarter, with skyrocketing growth overseas. Apple chief executive Tim Cook said Tuesday that iPhone sales on mainland China had increased five-fold.