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Apple's profits boost with aid from 5.2 million iPhones

Posted: , by John V.

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Apple's profits boost with aid from 5.2 million iPhones
The current economic climate has taken its toll on many companies so far this year with many big names taking the giant fall. However, Apple looks to be immune to current market conditions in their most recent third quarter earnings. Maybe it was the the triumphant return of their venerable CEO and co-founder that ushered in strong results? Or were conditions just right to make it favorable for them?  In either case, Apple's quarterly earnings that ended June 27 increased 15 percent with profits coming in at $1.23 billion. Those results were much improved when comparing it to the $1.07 billion, or $1.19 per share, from last year. Sales jumped 12 percent to $8.34 billion partly aided by the 5.2 million iPhones sold during the quarter – an impressive number which was seven times more than what they sold during the same quarter last year. They beat out Wall Street's expectations and could have sold more, resulting in better numbers, if they were “in a better economy.” It's still full steam ahead with Apple paving the way and offering competitive pricing on its mobile phones – which can be found as low as $99. Looking ahead, they expect to land conservatively somewhere with sales between $8.7 billion to $8.9 billion for the fourth quarter.

source: Yahoo

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