Apple Profit Almost Doubles After IPhone Debuts for Verizon
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Apple Inc. reported profit that almost doubled as rising demand for Mac computers and the iPhone, newly available from Verizon Wireless, outweighed lower-than-predicted sales of the iPad tablet.
Net income in the fiscal second quarter rose to $5.99 billion, or $6.40 a share, from $3.07 billion, or $3.33, a year earlier, Cupertino, California-based Apple said in a statement today. Sales jumped 83 percent to $24.7 billion. Analysts predicted profit of $5.39 a share on sales of $23.4 billion, the average of estimates compiled by Bloomberg.