Apple Inc. (AAPL) increased 9% or $50.45 to $610.68 after the PC and media devices maker reported second quarter revenue soared 59% to $39.19 billion from $24.67 billion in the prior year.

Net income in the quarter surged 94% to $11.62 billion or $12.30 per share compared to $5.99 billion or $6.40 per share in the year ago period.

The company sold 35.1 million iPhones in the quarter, representing 88% unit growth over the year-ago quarter largely on the sales increase in China.

Revenues in China accounted for 20% of the total quarterly sales and jumped from 12% of total sales in the entire last year and 2% only two years ago.

Following are the highlights from the company conference call conducted on April 24 at 2:00 pm Pacific Time.

Quarterly Performance

- Revenue for the quarter was $39.2 billion, representing 59% growth from a year ago.
- Quarterly revenue is the record March quarter and is second only to the all-time record revenue in December last year.

- Quarterly revenue growth was driven was strong sales growth in iPhone and iPad and a surge in China sales.

- Operating margin was $15.4 billion, representing 39.3% of revenue. Net income was $11.6 billion, increasing 94% over the prior March quarter's result. The quarter's net income translated to earnings per share of $12.30.

- Apple sold 11.8 million iPads during the quarter, a 151% unit increase over the year-ago quarter.

-Apple guided revenues of $34 billion in the current quarter and $8.68 earnings a share.
- Apple also said its cash soared to $110 billion and plans to issue cash dividend and share buybacks.

- Gross margin was 47.4% across the company, 540 basis points higher than company guidance. About half the difference was driven by lower than expected commodity and other costs and a quarter was on higher than expected revenues and product mix and the rest was driven by one-time items that are not expected to recur.

Product Sales

- In the quarter Apple sold 4 million of desktop and portable Mac products, representing 7% increase from a year ago.
- iPod sales decreased 7.7 million units from 9 million a year ago.
- iPod touch accounts for more than half of all iPod sales.

- iTunes store sales were record at $1.9 billion, 35% increase from a year ago.
- iTunes store catalog has 45,000 movies and 28 million songs.

- iPhone sales increased to 35.1 million units from 18.6 million a year ago quarter
- iPhone sales in Asian Pacific and Japan doubled from a year ago.
- iPhone sales in Greater China in the quarter were up five-fold and iPhone 4S was launched in January and China Telecom was added as a carrier in March.

- At the end of the quarter channel inventory was 8.6 million iPhones, a sequential increase of 2.6 million units, which is in the target range between 4 weeks and 6 weeks.

- Recognized revenues from iPhone handset and accessories sales jumped 85% to $22.7 billion from $12.3 billion a year ago quarter.

- iPad sales in the quarter increased 151% to 11.8 million units from 4.7 million units.
- iPad is now available in 40 countries and iPhone is available in 100 nations.
- Recognized revenues in the quarter from iPad and accessories increased 132% to $6.6 billion from $2.8 billion.

- At the end of the quarter channel inventory decreased 300,000 units to 2 million iPads, below the target range of 4 to 6 weeks of channel inventory.

- The San Diego School District purchased 10,000 iPads in the quarter and plans to purchase 15,000 more in the current quarter for middle and high school programs.