Apple beats Wall Street expectations with blockbuster iPhone sales
20 Jul 2011
Apple Inc yesterday beat Wall Street expectations with blockbuster iPhone sales and strong Asian business which drove up its stock over 7 per cent, to a record high.
Sales of its iconic products overtook forecasts, helping revenue rise a near double in the fiscal third quarter as shares vaulted to a high of $405 after a brief after-hours trading suspension.
According to the Cupertino, California company, its fiscal third-quarter revenue was up 82 per cent at $28.57 billion, while it posted net income for the fiscal third quarter ended 25June of $7.31 billion up from $3.25 billion. The company's income per share stood at $7.79 per share, up from $3.51 per share.
Sale of iPhones in the quarter stood at 20.34 million as against a projection of 17 million to 18 million which according to analysts helped it surge past Nokia and Samsung Electronics to emerge as the biggest smartphone maker in the world.
Apple's earnings excelled its own lofty track record with its quarterly EPS beating the average forecast by 33 per cent, as against about 20 per cent in the past two quarters.
The outstanding results came as concerns eased over iPad 2 supply constraints, with chief financial officer Peter Oppenheimer saying more than 1 million iPads remained in stock at the end of June even as demand was still overstripping supply in some markets.