Apple profits surge due to high demand

| October 20, 2009 | 0 Comments
Apple profits surge due to high demand

Apple has benefited from the popularity of iPhones and posted a net profit of $1.67 billion (£1 billion) in the three months to 26 September - a 47% rise compared with a year earlier.

The California-based technology giant, which has bucked the trend in the economic downturn, exceeded analysts expectations after sales grew 25% in the period to $9.87 billion.

The news sent the company’s share price soaring and closed at $189.86 on the Nasdaq index, but gained more than $200 in extended trading following the results.

The company sold over 3 million Macs - a rise of 19% compared with a year earlier, while iPhone sales grew 7%. However, it did say there was an 8% fall in the number of iPods sold.

Steve Jobs, Apple Chief Executive, said he was “thrilled” at selling more Mac computers and iPhones than in any previous quarter.

Jane Snorek, analyst at First American Funds, expects Apple “to have a great Christmas” following the company’s great results and believes the stock will rise over the next few quarters.

Apple’s results come prior to the launch of the new Windows 7 operating system by rival Microsoft, scheduled for later this week.

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