Apple shares higher after record quarter but accounting change, iPhone sales blunt enthusiasm
By APTuesday, January 26, 2010
Ahead of the Bell: Apple shares rise
NEW YORK — Shares of Apple Inc. jumped in premarket trading Wednesday after another quarter of stellar results fueled by record iPhone sales.
The stock was up $13.39, or 5.5 percent, to $257.98 ahead of the regular session. Apple shares have more than doubled in price over the past year, with the company’s slick phones and computers luring plenty of buyers despite the recession.
“Someone forgot to tell Apple customers Christmas isn’t in March,” Kaufman Bros. analyst Shaw Wu said in a note to investors Wednesday, reiterating a “Buy” rating on Apple’s stock.
Wu said Apple “once again defied conventional wisdom and posted record March quarter results, well beyond the most optimistic expectations.”
The company’s net income surged 90 percent to $3.1 billion, with revenue up 49 percent to $13.5 billion. It sold 8.8 million iPhones, more than doubling year-ago sales.
Even more surprising, iPhone sales topped the 8.7 million sold in the quarter before, which includes the holiday shopping season.
Tags: Apple's, Communication Technology, Consumer Electronics, Mobile Communications, New York, North America, United States
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January 27, 2010: 8:47 pm
Apple is rocking and the potential upside for this company remains huge. only 200k iphones sold in China? The rest of the world still pretty untappped. new products being rolled out. current users being upgraded. margins improving. cash piled high |
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