Apple results blow past Wall Street targets
Apr20
Apple Inc. CEO Steve Jobs speaks about an application for the iPad at a special event at Apple headquarters in Cupertino, California April 8, 2010. REUTERS/Robert Galbraith
The company on Tuesday reported net income of $3.07 billion, or $3.33 a share, in the fiscal second quarter ended March 27, up from $1.62 billion, or $1.79 a share, in the year-ago period.
Analysts were expecting a profit of $2.45 a share, according to Thomson Reuters I/B/E/S.
Revenue rose nearly 50 percent to $13.5 billion, well above Wall Street’s estimate of $12.04 billion.
For the current quarter, Apple forecast earnings $2.28 to $2.39 a share on revenue of $13 billion to $13.4 billion.
Shares of Cupertino, California-based Apple touched an all-time high of $251.14 on Friday, buoyed by pre-earnings optimism and hopes that the much-touted iPad tablet computer would carve out a new market for consumer electronics.
On Tuesday, the stock closed at $244.59 on Nasdaq and was halted in after-hours trading.
(Reporting by Gabriel Madway; Editing by Richard Chang)
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Author : Doug Welch
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