New iPhones boost Apple’s profits

Apple’s sales in China nearly doubled to $12.52 billion, accounting for nearly a quarter of its total revenue. The company’s shares rose 2.6 percent in extended trading.

Apple posted record sales of its latest iPhones in the first weekend that they hit stores in late September as it included China sales for the first time. Many analysts believe that China is poised to replace the United States as Apple’s biggest market.

Apple’s net income rose to $11.12 billion, or $1.96 per share, in the quarter ended Sept 26 from $8.47 billion, or $1.42 per share, a year earlier. Net sales rose about 22 percent to $51.50 billion.

Analysts on average had expected a profit of $1.88 per share and revenue of $51.11 billion. Apple’s shares, which fell steeply in mid-August as concerns about the company’s business in China hit fever pitch, were trading at $117.75 after the bell.