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Apple earnings well beyond Wall Street forecasts

08/05/2011
Image representing Apple as depicted in CrunchBase

Image via CrunchBase

Apple reported their quarter earnings that exceeded analysts’ expectations for their sales of iPods, iPhones, and Macs. Apple’s shares increased by about more than 5% in extended trading.

The company said that they earned $3.07 billion, or $3.33 a share, in its fiscal second quarter, which was $1.33 a share a year before. Most recent sales went up to $13.5 billion, which was $8.163 billion last year.

These results went well beyond previous forecasts from Wall Street analysts who predicted that Apple would earn, on average, $2.45 per share on revenue of $12.036 billion, based on numbers compiled by Thomson Reuters.

Apple reportedly sold about 8.75 million iPhones, 10.89 million iPods and 2.94 million Macs in the quarter. For Mac sales alone, a 33% increase of sales was seen. Wall Street was expecting sales of roughly 7.5 million iPhones, 10 million iPods, and 2.9 million Macs.

Apple, which usually gives out conservative forecasts, announced projected revenue between $13 billion and $13.4 billion in the coming 2nd quarter of this year; whereas, Wall Street projects revenue of $12.97 billion for Apple.

Source: CNBC

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