Fueled by record sales of its iPod players and strong back-to-school computer sales, Apple Computer Inc. said yesterday its fourth-quarter net income surged more than 300 percent to $430 million (Ђ358 million), marking the company's highest ever earnings and sales for a quarter and year.
The results, released after the stock market closed, beat analysts' earnings-per-share expectations but fell short of Wall Street's revenue expectations. Apple shares plunged more than 10 percent in late trading.
For the quarter ended Sept. 24, the Cupertino, California-based company earned $430 million (Ђ358 million), or 50 cents a share, up from the previous year's fourth-quarter earnings of $106 million, or 13 cents a share.
Excluding a special 12-cents-a-share tax benefit, Apple said it would have earned 38 cents a share. On that basis, the results exceeded the per-share estimate among Wall Street analysts by a penny, according to research firm Thomson Financial.
Revenue rose to $3.68 billion (Ђ3.1 billion) from $2.35 billion in the same fourth quarter last year. Analysts were expecting $3.73 billion (Ђ3.1 billion) in sales for the quarter.
For the year, Apple said it earned $1.335 billion (Ђ1.11 billion) on revenue of $13.93 billion (Ђ11.59 billion).
Apple is riding high on the success of its popular and ever-evolving line of iPods. The continued innovation of the iconic music player has nearly tripled Apple's share price from its 52-week low of $18.83 on Dec. 12, 2004.
The company is set to unveil yet another new product Wednesday, and industry observers speculate it will be an iPod capable of playing video, reported AP.
HMS Defender of the British Navy entered the territorial waters of Russia on June 23. Russian border guards opened warning fire on the British destroyer. UK said it did not happen