Apple stock prices july 20 2011 ; Apple Inc. (AAPL)’s stock jumped to its highest price ever, after record sales of iPhones and iPads helped third-quarter profit blow past estimates.
Net income in the period more than doubled to $7.31 billion, or $7.79 a share, from $3.25 billion, or $3.51, a year earlier, Apple said yesterday in a statement. Sales climbed 82 percent to $28.6 billion. Analysts had predicted profit of $5.87 a share and revenue of $25 billion, according to Bloomberg data.
IPhone sales were buoyed by international demand, particularly in China, where total revenue jumped sixfold to $3.8 billion. After overcoming supply shortages for the iPad 2 following its March debut, Apple saw sales of the tablet soar. The device is now its second-biggest revenue source -- behind the iPhone -- less than two years after first being introduced.
“They have the wind at their backs in a big way, and it’s being reflected in these numbers,” said Ryan Jacob, an Apple investor at Jacob Asset Management. “They have a unique ability to increase market share and introduce new products.”
Apple shares prices jumped 4.2 percent to $392.83 at 9:36 a.m. New York time on the Nasdaq Stock Market. The stock, up 17 percent this year before today, had closed at a record $376.85 yesterday.
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