Apple's quarterly revenue jumps 27 percent

(Reuters) - Apple Inc reported a 27 percent rise in quarterly revenue as iPhone sales surged and the company raised its share repurchase programme by $50 billion.

The most valuable publicly traded U.S. company said net income rose to $13.57 billion, or $2.33 per share, from $10.22 billion, or $1.66 per share, a year earlier.

Revenue rose to $58.01 billion in the second quarter ended March 28, from $45.65 billion a year earlier.

Apple increased its share repurchase authorization to $140 billion from $90 billion announced last year.

(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Sriraj Kalluvila)