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2009-07-22 07:45:40
US technology giant Apple has seen quarterly results beat forecasts, thanks to
strong iPhone sales.
Net profits hit $1.23bn ( 953m), or $1.35 a share, in the fiscal third quarter
to 27 June, from $1.07bn, or $1.19 a share, a year earlier.
Apple sold more than 5.2 million iPhones in the quarter, seven times greater
than the same period a year, before, boosted by a new iPhone model.
Analyst reacted positively to the news and shares rose in after-hours trade.
Shares in Apple ended at $151.60 before rising to $157.02 in after-hours trade.
'Advantages'
Andy Hargreaves, an analyst at Pacific Crest Securities described the the
numbers as "great".
"Their gross profits continue to surprise people and there is a return to
product momentum...a return to growth in the Mac business, and then the iPhone
is doing tremendously well and that is a potent combination."
Revenue for the period climbed 12% to $8.3bn, ahead of expectations of $8.2bn.
Every region in the world saw revenue increase.
The number of Macs sold by Apple grew 4% year-on-year.
Shaw Wu, an analyst at Kaufman Bross said: "We think they are very uniquely
positioned with their competitive advantages."
The one area to see a contraction was its iPod, where sales were 7% weaker
year-on year.
For the current quarter, Apple earnings of $1.18-$1.23 a share with revenue
between $8.7bn and $8.9bn, but analysts highlighted that Apple is consistently
conservative in its predictions.
Apple chief financial officer Peter Oppenheimer said: "We are very proud of
this result, particularly given the economic climate around us."