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Apple has reported a monster increase in profits with the Company saying that there is more to come following the release of the iPad and the pending release of a new iPhone. Profit surged to $3.07 Billion.

Apple has reported a monster increase in profits with the Company saying that there is more to come following the release of the iPad and the pending release of a new iPhone. Profit surged to $3.07 Billion.

The Company said that net income was up by 90% on strong sales of iPhone and Mac PC sales.

The results are well above what Wall Street analysts had expected with many tipping a rise of about 37%, compared with earnings a year ago adjusted for an accounting change.

“Apple reported earnings of $3.07 billion, or $3.33 a share, compared to year-ago profit of $1.62 billion, or $1.79 a share. Revenue surged 49 percent to $13.5 billion.

“We’re thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent,” Apple CEO Steve Jobs said in a statement. “We’ve launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.”

Apple sold 8.75 million iPhones in the quarter, a 131 percent leap over the year-ago quarter; 2.94 million Macs, a 33 percent jump; and 10.89 million iPods, a one percent drop. Apple has said it expects sales of the popular iPhone to increasingly eclipse those of the iPod music player.

 

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