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Apple Posts Massive Rise In Quarterly Profits

Apple Inc., the Cupertino based consumer electronics and computer maker, has announced its latest quarterly results ending on March 27th.

It turned out to be a record breaking three-month window for the iPod maker, thanks to the phenomenal increase in the sales of the company's iPhone smartphone.

According to the financial results announced by the company, it superseded everyone's expectation by registering a revenue of $13.50 billion and a net profit of $3.07 billion, significantly higher than what the Wall Street Journal analysts had predicted.

All in all, the financial data released by the company indicated a 49 percent increase in revenue and a staggering 90 percent growth in profit.

Commenting on the strong financial results of the company, CEO of the company, Steve Jobs, said in a statement, “We've launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.”

The phenomenal financial results posted by the company were credited to the ever rising popularity of the iPhone smartphone, which saw a sales growth of 131 percent in this quarter, with figures mounting up to 8.75 million units.

Even the company's Macintosh computer line also saw a major rise in sales, with figures almost touching 3 million units.

Our Comments

Apple is now officially a $54 billion mammoth and one pulling $12 billion profits. This is huge and we can easily see Apple becoming a $100 billion one by this time next year as it releases what Steve Jobs called more extraordinary products.

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