Apple reports massive improvement in profits

Apple Inc. has reported that their quarterly profit soared 88 percent. The company gained from lower component costs and sales of MacBook laptops and iPod digital media players.

This impressive result helped the company breach the $100 market for the first time with their shares at the stock market.

The results have managed to beat the market expectations pretty easily. Apple reported that their net income for the fiscal second quarter jumped to $770 million, or 87 cents per share.

The revenues were up 21 percent to $5.26 billion. Their gross margin was around 35.1 percent which is up from 29.8 percent a year ago.

Shaw Wu, an analyst at American Technology spoke about this impressive Apple performance: “The biggest surprise was gross margins. Most people were looking for 30 percent. They hit a peak of 31 percent last quarter. That’s why there’s such a big upside in earnings.”

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