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  • mulletman99 mulletman99 Jul 20, 2010 4:48 PM Flag

    Apple beats on strong I-phone and I-Pad sales

    Apple earnings jump on strong iPhone, iPad sales
    4:42 PM ET 7/20/10 | Marketwatch
    SAN FRANCISCO (MarketWatch) -- Apple Inc. reported a sharp jump in earnings for its third fiscal quarter on Tuesday -- blowing past Wall Street's estimates -- thanks in large part to booming demand for the company's iPhone and iPad devices.

    Shares of Apple (AAPL) rose nearly 4% in after-hours trading, after jumping nearly 2.6% to close at $251.89 late in the regular session. The typically conservative company issued a revenue forecast for the current period that was higher than analysts had expected.

    For the quarter ended June 27, the company reported earnings of $3.25 billion, or $3.51 per share, compared with earnings of $1.83 billion, or $2.01 per share, for the same period the previous year.

    Revenue jumped 61% to $15.7 billion.

    Analysts were expecting earnings of $3.11 per share on revenue of $14.75 billion, according to consensus forecasts from Thomson Reuters.

    The company said it sold 8.4 million units of the iPhone during the quarter. Analysts had been expecting -- on average -- sales of around 8.2 million units. Sales estimates for the iPhone varied widely between 7.5 million units and 9.5 million units, amid confusion about how the launch of the iPhone 4 late in the quarter affected inventories and sales of older devices.

    Apple sold 3.27 million iPads for the period -- roughly in line with the units predicted by analysts. Mac sales totaled 3.47 million units compared with expectations for 3.2 million units.

    IPod sales totaled 9.41 million units. Analysts were expecting about 9.7 million units, on average.

    For the fourth fiscal quarter, Apple said it expects revenue of $18 billion with earnings of $3.44 per share. Analysts had been expecting revenue of $3.82 per share on revenue of $17.03 billion.

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