From Baron Funds' first quarter letter: Shares of Apple, Inc. (AAPL, Financial) gained sharply following the January release of its strong fourth-quarter results. Apple's revenue grew 73% to over $46 billion, beating its own guidance by over $9 billion, and its earnings more than doubled year over year. The story of Apple's quarter was the iPhone, which sold 37 million units, more than twice the prior quarter's sales numbers. The iPad was also strong, selling over 15 million units, up over 100% from the prior year. The quarter ended with Apple's release of the 3rd generation iPad, which sold more than three million units over its launch weekend. (Michael Lippert)
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