Apple, the world's most valuable company, is trumping skeptics once again by reporting blow-out iPhone sales.

Apple says it sold 35 million iPhones in the quarter, almost twice as many as it sold a year ago and above analyst expectations.

Apple shares were down before the report because investors believed phone companies had reined in iPhone sales.

Net income in the fiscal second quarter, which runs January to March, was $11.6 billion, or $12.30 per share. That was up nearly double the net income of $6 billion, or $6.40 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.07 per share for the latest quarter, Apple's fiscal second.

Revenue was $39.2 billion, up 59 percent from a year ago. Analysts were expecting $37 billion.