Apple’s third quarter earnings shine
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Apple easily beat Wall Street estimates with a 61 percent jump in quarterly revenue, pushing aside concerns over the iPhone's recent antenna problems. Apple is now predicting even better results for the rest of year.
Customers are snapping up Mac computers, iPad tablets and iPhones almost as fast as the company can make them, propelling Apple to easily exceed Wall Street expectations for its fiscal third quarter earnings.
Quarterly net income surged 78 percent to 3.25 billion dollars, according to Chief Operating Officer Tim Cook, but it was the revenue report that really surprised investors. Apple smashed expectations with a 61 percent jump in quarterly revenue to 15.7 billion dollars, a billion dollars more than what Wall Street had anticipated.
Apple’s impressive results were driven by gains across its increasingly diverse product line. The company sold just under 3.5 million Mac computers, 3.27 million iPads and 8.4 million iPhones from April to June. A large part of the growth is coming from international markets with double and even triple-digit sales jumps in Europe and Asia respectively. "Let me be very clear on this. We're selling every unit we can make," Cook said.