Apple reports record quarterly profits

Thanks in part to an 88% jump in iPhone sales from the year-ago period, Apple reported first quarter profits of $1.78 a share and surpassed $10 billion dollars in revenue for a quarter for the first time in company history. Analysts had been looking for the Cupertino company to report earnings of $1.29 per share. iPhone sales came to 4.36 billion for the three months. In actual dollar terms, Apple earned $1.61 billion in the period, up from $1.58 billion in last year's first quarter. The company, saying that visability for future predictions are low due to the tough economy, forecast earnings of 90 cents to $1.00 a share for the March quarter. Stock traders were certainly happy to hear the news as Apple's common stock jumped 9.5% higher after the close, when the numbers were released. The main question is whether or not these figures bode well for tech in general, or are just specific to Apple with their highly successful consumer products like the iPhone 3G. Planning on buying Apple stock?

source: YahooFinance