Apple exceeded Wall Street earnings forecasts for its fiscal second quarter, reporting profit of about $11.6 billion on revenue of about $39.2 billion thanks in part to strong demand for iPhones in China. The company sold 35.1 million iPhones during the three months ending March 31, with sales of products and services in China accounting for about 20% of total revenue. "It was an incredible quarter in China. It is mind-boggling that we could do this well," CEO Tim Cook said.

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