Apple’s Profit Could Rise on iPad Sales, No-Contract iPhone to Come?

Apple Inc. could see a 69 percent increase in its quarterly profits from its iPad and Mac computer sales, according to a Bloomberg report.

A Bloomberg survey of analysts predicted that Apple's profits rose to $5.5 billion in the fiscal third quarter that ended on June 25. Sales also went up some 59 percent to $25 billion, according to the report.

It believed that the debut of the iPad2 in March helped to boost sales, as the analysts told Bloomberg that Apple sold some 7.7 million units in the last quarter. That number of units is more than the 7.3 million sold during the holiday season.

Apple's should be getting its earnings report on July 19.

Apple launched the iPad 2 in the first half of this year and already the tablet is a bestseller. For the second half of the year, Apple is expected to release new software to include the Mac OS X Lion and iOS 5 operating systems and a new iPhone sometime in September.

As Apple waits to drop the iPhone,5 Bloomberg reported that the average estimates of 16 analysts is that iPhone sales may drop about 8.3 percent to 17.1 million from the last quarter.

While Apple waits for its earnings report, rumors are that the company could release a $350 no-contract iPhone. According to a new report from BGR, Apple will launch a low-cost no-contract iPhone this year that could possibly be iPhone 3GS.

Apple has said it's trying to extend its iPhone market by working on low-end devices.