Apple shares jump after record iPhone, iPad sales

By Bizclik Editor

 

It’s no surprise that Apple Inc.’s stock jumped to its highest price ever with the help of record sales of iPhones and iPads boosted third-quarter profits, which exceeded past estimates. With the iPhone 4 going to Verizon Wireless after much anticipation and the iPad 2 making its debut earlier this year, Apple stock has been favored in the market.

Apple shares jumped 4.2 percent to $392.83 at 9:36 a.m. New York time on the Nasdaq Stock Market. The stock, up 17 percent this year before today, had closed at a record $376.85 yesterday.

Net income in the quarter more than doubled to $7.31 billion, or $7.79 a share, from $3.25 billion, or $3.51, a year earlier, Apple said yesterday in a statement. Sales climbed 82 percent to $28.6 billion and analysts had predicted profit of $5.87 a share and revenue of $25 billion.

See top stories in the WDM Content Network:

International sales, especially in China, were a powerful force in Apple’s sales announcements where total revenue jumped sixfold to $3.8 billion, according to Bloomberg reports. And despite the iPad 2 shortages in March during the device’s debut, Apple still saw sales soar. Apple says the two-year-old device is its second-biggest revenue source, trailing behind its iPhone.

In the third quarter, Apple sold 20.3 million iPhones and 9.3 million iPads. The company is raising the sales bar for the fourth quarter and says profit would be about $5.50 a share on sales of $25 billion. On the other hand, analysts predict an average of $6.41 a share on sales of $27.7 billion.

 

 

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability