Apple Rich with over 261 Billion In Cash

LOS ANGELES — Consumers are apparently waiting until the fall to buy shiny, new iPhones.

Apple had a decent fiscal third-quarter on Tuesday with sales and earnings that exceeded Wall Street’s expectations.

Apple announced revenue of $45.4 billion and earnings of $1.67 per share, compared to the year-ago quarter of $42.4 billion and $1.42, respectively.

Analysts had expected revenue of $44.9 billion and earnings of $1.57 for the quarter.

The results sent Apple shares up more than 5% to a record $157.79 in after-hours trading Tuesday.

The June quarter is historically Apple’s slowest. As in most years, sales of the iPhone taper off in the spring and summer, as folks await a new model that debuts each fall. The next iPhone, reportedly sporting a major redesign and packed with new features such as facial recognition, is expected to be introduced in September.

During its third quarter, Apple sold 41 million iPhones and 11.4 million iPads, compared to 40 million iPhones and 9.9 million iPads in the year ago quarter.