Computer said yesterday it expects to report net profits exceeding $45 million on revenues of about $1.575 billion for its fiscal 1998 first quarter, a quicker return to profitability than analysts had expected.
"We are thrilled that our new plans are beginning to work," said Mr Steve Jobs, Apple's interim chief executive officer at the MacWorld trade show. "While there is still lots of work to do, Apple is clearly coming back as a major player."
Shares in the company, which employs 1,500 people in Ireland, rose 3-3/4 to 19-1/2 in afternoon trading on the New York Stock Exchange.
The profit projection marks the computer maker's first return to profitability since the fourth quarter of fiscal 1996, when it reported a net profit of $25 million, including a one-time gain for an inventory adjustment. Excluding the gain, Apple would have reported a modest loss or would have broken even that quarter.
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