Apple takes market by storm with impressive financial results

Calcutta News.Net
Wednesday 20th July, 2011

Apple was the shining star of the business world Tuesday, revealing a fiscal third quarter financial report that took even the most optimistic expectations by surprise.

The world’s most valuable tech company is growing like a successful start-up, according to David Goldman at CNNMoney, with financial results that beat all previous company records in terms of quarterly profit and revenue, its stock price and iPhone and iPad sales.

Due to sales growth in emerging markets like China, Latin America, Brazil, and the Middle East, Apple sold 20.3 million iPhones in its fiscal third quarter and sold a record 9.25 million iPads in the quarter.

Compared to the same quarter last year, Apple more than doubled its net income, earning US $7.3 billion, or $7.79 per share, while revenues in the quarter compared to last year rose 82% to US $28.6 billion, topping analysts’ forecasts of US $25 billion.

This led stocks in the company to close at a record high of US $376.85 on Tuesday.

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