Apple reports record earnings
During the three month period that ended in June, Apple sold 8.4 million iPhones, up 61% from last year's figures. One negative item came up at the conference call when it was announced that the free cases that Apple is giving away until September, to placate iPhone 4 users affected by the so-called "death-grip", will cost the company $175 million. Still, that is much cheaper than ordering a total recall of the phone which some analysts predicted would cost the company $1.5 billion. Apple's stock rose 5% after hours when the report was issued. Apple is up 20% this year and 65% over the last 12 months, bolstered by the ever growing earnings reports. Over the last three years, the company has tripled revenue and has quadrupled earnings, much of it thanks to the iPhone.
source: DailyFinance, USAToday