While a majority of tech companies have faltered earnings owing to the global economic downturn, astonishingly robust sales of Mac hardware coupled with a substantial rise in iPhone sales drove Apple’s profits up by a mouth-watering 15 percent in the third quarter, the company announced on Tuesday.
Apple’s revenues for the quarter were pegged at $8.34 billion, leading to impressive $1.35 earnings per share, registering 12 percent hike from the same period a year back, when the company posted revenues worth $7.46 billion, with earnings per share of $1.19.
The figures from Apple for the quarter outnumbered analysts’ forecasts by a huge margin. The analysts had forecasted $8.2 billion in revenues and $1.17 in earnings per share.
In addition, the net quarterly profit for the company jumped from the $1.07 billion posted in the same quarter last year to $1.23 billion this year, showing a noticeable 15 percent year-over-year increase.
These sales figures were buoyed by the strong sales of Macintosh computers and iPhones. In terms of units, Apple sold 2.6 million Macs, jumped by 4 percent than a year back, and 5.2 million iPhones, an incredible 626 percent hike from the sales figures registered a year ago.
“We’re making our most innovative products ever and our customers are responding”, Apple’s chief exec Steve Jobs said in a canned statement.
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Apple seems to be on another planet altogether. Apple is now officially a $33 billion behemoth that threatens to rival the likes of Microsoft and IBM. The company's share price was down by around 1 percent yesterday but should more than make up for it with a near four percent rise in pre-market transactions.
(The New York Times)
(The Wall Street Journal)