Apple's Profits Surge on iPhone, iPad Sales

Company again beats expectations
By Newser Editors and Wire Services
Posted Jul 19, 2011 5:25 PM CDT
Sales of iPhones set another record.   (Getty Images)

(Newser) – Apple's results trumped expectations for yet another quarter, the results lifted by the sale of 20.3 million iPhones—millions more than analysts expected; iPad sales came in at 9.25 million units, also above expectations. In other product categories, trends were less impressive. Sales of Mac computers were 3.95 million, up 14% from a year ago. That's the lowest quarterly growth rate in two years. And iPod sales were down 20% at 7.5 million, as the media player continues to lose out to iPhone and iPads.

Net income in the fiscal third quarter— the first full quarter since Steve Jobs' latest medical leave—was $7.31 billion, or $7.79 per share. That's more than double the $3.25 billion, or $3.51 per share, a year ago. Revenue was $28.6 billion, up 82% from $15.7 billion a year ago. Analysts were expecting $24.8 billion. The company's stock surged $19.85, or 5.3%, to $396.70 in extended trading after the results came out today. The stock was already at record highs.

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