Robust demand for the iPhone in China fueled a 94 percent surge in Apple's quarterly profit, to $11.6 billion. The country now accounts for 20 percent of the company's revenue. Worldwide, Apple logged a 59 percent increase in sales during its fiscal second quarter. The stock jumped as much as 10 percent, to $618, on April 25, the first day of trading after the announcement. That nearly erased declines earlier in the month prompted by reports that sales of the iPhone were slowing in the U.S. and that the company faced shortages of key components.
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