CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Thursday reported fiscal first-quarter earnings of $34.63 billion.

On a per-share basis, the Cupertino, California-based company said it had net income of $2.10.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.89 per share.

The maker of iPhones, iPads and other products posted revenue of $123.95 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $118.13 billion.

Apple shares have decreased 10% since the beginning of the year, while the S&P's 500 index has increased 15%. In the final minutes of trading on Thursday, shares hit $159.22, a climb of 12% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at https://www.zacks.com/ap/AAPL

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