Apple Profits Soar 73%, Shares on the Rise
After dipping two days ago as result of confusing, misinformed headlines concerning poor iPhone sales, Apple shares regained losses and surged 9 percent yesterday during after hours trading.
The boost came after the Cupertino, California gadgeteer announced earnings growth of 73 percent during the last fiscal quarter. And, believe it or not, the iPhone was a non-factor. Apple sold a record 1.76 million computers during the quarter, which is a 33 percent gain over the same period one year ago. iPods sales were up 21 percent year over year, selling 9,815,000 units during the quarter. Apple's profit rose to $818 million, up from $472 million.
But, while Apple's old guard of products is driving profit, analysts believe the iPhone will be a contributor in the future as the handset gains popularity and as Apple rakes in money from its cut of AT&T subscription fees.
From AOL Money & Finance
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