Traders braced themselves to hear disappointing earnings news from Apple after the market closed on Tuesday. Google, IBM, Dell and Intel all failed to meet expectations in their last earnings reports, which likely contributed to the collective doubt that Apple would not be able to reach the lofty market goals for its performance. The worries caused Apple’s stock price to fall 12% over the last two weeks. Apple has had a meteoric rise, and although it’s impressive, investors are beginning to question how long the positive streak can continue.

It seems the good news is continuing a bit longer. Apple released its second-quarter earnings after the market closed on Tuesday, and not only met market expectations – they beat them. Analysts expected Apple to report earnings of $10.04 per share, according to Thomson Reuters. The computer giant instead reported earnings of $12.30 per share, almost double the $6.40 per share earnings the company reported for the same quarter in 2011.

In spite of rumors that sales of Apple’s iPhone were slowing, sales of the device were a significant contributor to the company’s solid earnings. Apple sold 35.1 million of the smart phones during the quarter, only down a small amount from the 37.03 million  sold in the first quarter of the year. This quarter’s iPhone sales were an 88% increase over the same quarter last year and significantly more than the 30.5 million analysts were projecting. iPhone sales were definitely bolstered by Apple expanding the availability of the device to 22 additional countries, including China. In fact, sales in Asia accounted for 64% of the company’s revenue.

Sales of the iPad were also strong, but trailed the iPhone. Apple sold 11.8 million iPads, a 151 percent increase from the 4.69 million sold last year. Apple did not detail the numbers by model, so it’s unclear how sales of the new iPad, which was released last month, are trending. Rounding out the sales numbers, Apple sold 4 million Macs and 7.7 million iPods during the quarter. iPods sales have been in decline since 2008 and this quarter was no different. Sales of device had a 15% decline compared to the second quarter of 2011.

Things aren’t all good news for Apple. This week the International Trade Commission ruled the company infringed on a patent held by Motorola Mobility Holdings. The patent is a noise and interference reduction technology used in iPads, iPhones and several other Apple products. The ruling is preliminary, and a final is expected in August.