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Kevin Kennedy
Send Message Publisher Kevin Kennedy, a veteran of more than 20 years in newspaper journalism and the former mayor of his hometown, was used to trying to find answers to vexing questions when he began working to solve one of the biggest mysteries of all in the mid-1990s: what makes stocks... More
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  • iPad launch boosts Apple results 0 comments
    Jul 20, 2010 8:09 PM | about stocks: AAPL
    Boosted by the sale of almost 3.3 million iPads, Apple (Nasdaq: AAPL) Tuesday reported record quarterly revenues of $15.7 billion and earnings of $3.25 billion for its third quarter.
    Revenues jumped 61% from the $9.73 billion reported in the same quarter a year ago, with the introduction of the iPad at the beginning of the quarter adding $2.17 billion to the top line. Earnings climbed 78% from $1.83 billion in the same quarter last year. Earnings per share of $3.51 rose 75% from $2.01 in the comparable report a year earlier.
    Analysts were expecting the company to report earnings of $3.11 per share on revenues of $14.75 billion. The earnings estimates have steadily been climbing higher over the last quarter.
    Apple shares fell to just above $240 today before rallying to close up more than 2.5% at $251.89 ahead of the report. The stock tacked on another 3% in after hours trading.
    Apple also sold 3.5 million Mac computers, 9.4 million iPods and 8.4 million iPhones in the quarter. CPU growth was 33%, while 61% more iPhones were sold than a year ago. iPod sales actually declined 8% from 10.2 million in the same quarter last year.
    The Americas continued to be the company’s largest source of revenues with $6.2 billion, up 39%. Other markets showed greater growth, including a 160% surge in Asia Pacific revenues.
    “It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple’s history with iPhone 4,” said Steve Jobs, Apple’s CEO. “iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year.”
    The company generated more than $4 billion of cash during the quarter. Company officials said they expected fourth-quarter revenues of $18 billion and earnings per share of $3.44.

    Disclosure: No positions.
    Stocks: AAPL
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