Apple Profits Soars on iPhone, iMac sales

By Richard Menta 7/25/07

Apple exceeded Wall Street's expectations when it reported profits of 92 cents a share, 26 cents higher than the company projected and 9 cents above the Street's already raised calculations. Revenue was up over last year's by 23% for a total of $4.37 billion. Leading the boost was the iPhone, which during the first two days of release that were also the two days before the end of the quarter, sold 270,000 units.

Mac shipments grew 33 percent over last year led by notebook sales. Apple moved 1,130,000 Macbooks during the quarter, up just shot of 80% over last year. iPod sales were also up with 9.8 million units sold, up over last year's 8.1 million. After hours trading has Apple's stock up almost 9% since the announcement.

The news comes just a few days after AT&T announced that it activated only 146,000 iPhones during the same two day period. This cause Apple's stock to drop sharply as concerned investors worried iPhone sales were really well below expectations.

Apple iPhone

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