Apple today reported quarterly revenue that handily beat Wall Street estimates, driven by strong demand for its iPhones and iPads,

The consumer electronics giant said its fiscal second-quarter revenue rose to $39.2 billion, better than the average analyst estimate of $36.8 billion.

Shares of the world's most valuable technology corporation resumed their rally after Apple revealed that 35.1 million iPhones - its flagship product - were bought in the March

quarter, outpacing the 30 million or so expected by Wall Street analysts.

Apple sold 11.8 million iPads, the latest version of which hit the store shelves in mid-March.The strong results came as the company's stock fell 13 per cent - an unusual move - in the last couple of weeks in volatile trading.

The shares have long been considered a must-have in most US equity portfolios.

Apple's shares gained more than 5 per cent to $590, from a close of $560.28 on Nasdaq.

Reuters