Apple earnings soar as iPhone shipments revealed

Apple is on a roll, and the company shows no sign of slowing down.

After the close of the stock market Wednesday, Apple reported profits of $818 million, or 92 cents a share, for its fiscal third quarter. That’s a 73 percent jump compared with last year, when third-quarter profit was $472 million. It’s 9 cents higher than Wall Street was expecting and 26 cents better than the company’s own projections. Strong Mac and iPod sales led the charge, but Apple also has a third business these days.

The company reported selling 270,000 iPhones during the 30 hours before the quarter ended on June 30. That’s at the upper end of what estimates were going into iPhone weekend, though far below some of the extremely high estimates that surfaced following the launch. Still, some were anticipating a smaller number after AT&T reported activating 146,000 iPhones during the same period.

Apple shares were up $12.26, or nearly 9 percent, to $149.52 in after-hours trading.

Revenue for the quarter was up 24 percent to $5.4 billion, as compared with $4.37 billion for the same period a year ago. That tops Wall Street’s expectations of $5.2 billion and Apple’s own projections of $5.1 billion.

“I’m pleased to report strong financial results and another landmark quarter for Apple, said Peter Oppenheimer, Apple’s chief financial officer, on a conference call following the release of the company’s results.

iPhone on the rise.


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