Apple posted a 78 per cent surge in third-quarter profit as customers began flocking to the new iPad tablet computer and latest version of the iPhone.
Net income rose to $3.25 billion, or $3.51 a share, from $1.83 billion, or $2.01, a year earlier, the Cupertino, California-based company said today in a statement.
Analysts surveyed by Bloomberg were expecting, on average, per-share profit of $3.11. Sales in the three months ended June 26 gained 61 per cent to $15.7 billion, topping analysts' $14.7 billion average estimate. Apple gained in extended trading.
The results are an early gauge of demand for the tablet introduced on April 3rd. The company sold 3.27 million of the devices that deliver video, e-books and Web access, putting Apple at the forefront of electronics makers benefiting from a rebound in consumer spending after the recession.
During the quarter, Apple also sold 8.4 million iPhones, 3.47 million Mac computers and 9.41 million iPods.
Apple, based in Cupertino, California, rose $6.31 to $251.89 by 4pm New York time in Nasdaq Stock Market trading. The shares have gained 20 per cent this year.
Gross margin, the percentage of sales remaining after deducting production costs, was 39.1. Apple, which posted second-quarter gross margin of 41.7 percent, said in April that the figure would narrow because of "very aggressive" pricing for the iPad.
The company forecast third-quarter gross margin of about 36 per cent.
Bloomberg