Apple crushes Street forecasts, revenue up 83%

Apple Inc posted results that blew past Wall Street expectations, fueled by solid demand for its products.

The consumer electronics giant's shares rose 3% in extended trading on Wednesday.

Gross margins in the fiscal second quarter came to 41.4%, above Wall Street's average forecast of 39.03%.

Apple reported a net profit of USD 5.99 billion, or $6.40 a share, while revenue surged 83% to USD 24.67 billion.

Apple's results come as it prepares to build the next iPhone model with a faster processor, which will begin shipping in September, three people with direct knowledge of the company's supply chain said on Wednesday.