Apple Stock Continues to Rise

Wednesday, 20 Jul 2011 05:16 PM

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Apple, the Silicon Valley tech giant, watched its stock jump to its highest price ever after the company reported record sales of iPhones and iPads, Bloomberg reports.

Analysts predicted a profit of $5.87 a share and revenue of $25 billion. Yet, net income for the company more than doubled from a year earlier from $3.51 a share to $7.79 a share on $28.6 billion in revenue.

“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 sold more than 20 million iPhones and 9 million iPads in the third quarter with much of this growth coming from China.

“China was very key to our results,” said Chief Operating Officer Tim Cook, who is handling day-to-day leadership during Jobs’s medical leave.

“This has been a substantial opportunity for Apple, and I firmly believe that we’re just scratching the surface right now.”

The stock jumped to a record high of $396.27 per share before falling a bit in midday trade.


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