New iPhones fuel Apple's Q2 profit

Renewed investor optimism for new products helps boost shares to record levels

Apple Inc's iPhone is reeling in buyers in China, sending quarterly profit up by 33 percent and fueling a surge in growth that led the company to boost its capital-return program by $70 billion.

Net income in the period that ended in March was $13.6 billion, or $2.33 a share, and revenue rose 27 percent to $58 billion, the Cupertino, California-based company said in a statement on Monday. IPhone sales in China outpaced those in the US for the first time, helped by the Chinese Lunar New Year celebration, Apple said.