DEMAND FOR iPhones and iPads for students heading back to school pushed Apple’s fourth-quarter profits ahead of forecast, the company said last night.
Profits after tax rose to $4.31 billion, or $4.64 a share, compared with $2.53 billion, or $2.77, last year. Sales in the period that ended in September rose to $20.3 billion. Analysts’ consensus pointed to estimated sales of $18.9 billion and profit of $4.10 a share.
Apple, now the third-largest company by market value, is benefiting from rising demand for its smartphones and computers even as rivals lament lacklustre household computer purchases. Intel last week cited tepid buying among consumers in the US and Europe.
The iPad is gaining popularity among businesses as well as gadget enthusiasts, said Barry Jaruzelski, a partner at consulting firm Booz Co.
Revenue this quarter will be about $23 billion, Apple chief financial officer Peter Oppenheimer said in the statement. Profit will be about $4.80 per share in the period, which includes the year-end holiday shopping season.
Apple shares jumped $3.26 to $318, a record, in Nasdaq stock market trading. The shares, up 51 per cent this year, surpassed $300 for the first time last week.
The figures include the first full quarter of sales for the fourth version of the iPhone and the second time Apple has reported the performance of the iPad, now available in 26 countries. Apple sold 14.1 million iPhones. It sold 4.19 million iPads and 3.89 million Macintosh computers. – (Bloomberg)
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