Apple Surges on 67pct Profit Rise
Shares of Apple computer surged in late Monday trading, gaining nearly 8 percent after the consumer electronics maker posted profit that surpassed Wall-Street expectations.
The maker of the iPod music player estimates with a 67 percent rise in quarterly profit , led by strong sales of its Macintosh computers and a big first full quarter from the iPhone.
Analysts surveyed by Thomson Financial predicted the company to earn 86 cents a share on revenue of $6.07 billion.
Among the quarter's highlights were sales of Macintosh PCs, which topped 2 million units in a quarter for the first time. Mac sales increased by 34% from a year ago.
Apple said it sold 1.12 million iPhones during what was the first full quarter that the combination iPod and cell phone had been on sale. Apple had previously said it had sold more than 1 million iPhones during its fourth quarter.
IPod sales continued to be strong, rising 17% from a year ago to 10.2 million units. In early September, Apple refreshed its iPods and added a new digital-media player, the iPod touch to its lineup.
Apple's net profit was $904 million, or $1.01 per share, in its fiscal fourth quarter, compared with $542 million, or 62 cents per share, a year earlier. Revenue was $6.22 billion, up 29 percent from $4.84 billion a year earlier.
Apple also forecast fiscal first-quarter revenue of $9.2 billion, ahead of the $8.7 billion average Wall Street target.
Shares of Apple rose to $184.39 in after-hours trade from a Nasdaq close of $174.36.
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