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Business

Apple's quarterly net profit soars

Text by News Wires

Latest update : 2010-10-18

Apple Inc has posted better-than-expected net profit, 4.31 billion dollars, from sales of iPhones and iPads, and set a revenue forecast for this current quarter that well exceeds Wall Street's target.

REUTERS - Apple Inc posted better-than-expected profit and revenue and set a revenue forecast for the current quarter that was well above Wall Street's target.
 
The company reported a net profit of $4.31 billion, or $4.64 a share, in the fiscal fourth-quarter ended Sept. 25, up from $2.53 billion, or $2.77 cents a share, in the year-ago period.

That was better than the average analyst estimate of $4.08 a share, according to Thomson Reuters I/B/E/S.

Revenue surged 67 percent to $20.3 billion, ahead of Wall Street's target of $18.9 billion.

The company forecast current-quarter earnings of $4.80 a share on revenue of $23 billion.

Shares of Cupertino, California-based Apple closed at $318.00 on Nasdaq and were halted in after-hours trading.

Date created : 2010-10-19

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