As Apple directors defend CEO Steve Jobs, Apple have reported a massive 88% increase in profits due to lower component costs and sales of MacBook laptops and iPod digital media players. The result has seen Apple shares climb by 8 percent to above $100 for the first time.
The results, which trounced Wall Street expectations, came as Apple's board threw its support behind Chief Executive Steve Jobs, after the company's former chief financial officer linked him to the handling of backdated stock options. The vote of confidence from directors included former U.S. Vice President Al Gore and Google CEO Eric Schmidt. Jobs, 52, co-founded Apple in 1976 and has been the driving force behind its turnaround in recent years.
Net income for the fiscal second quarter jumped to $770 million, or 87 cents per share, from $410 million, or 47 cents per share. That beat by far Apple's own forecast, which tends to be cautious, of 54 cents to 56 cents, as well as the average analyst forecast of 63 cents according to Reuters Estimates.
