Innovatin Enterprise Network logo

China boosts Apple’s profits

  • strict warning: Declaration of cck_facet::build_root_categories_query() should be compatible with faceted_search_facet::build_root_categories_query() in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/cck_facets/cck_facets.inc on line 16.
  • strict warning: Declaration of content_type_facet::build_root_categories_query() should be compatible with faceted_search_facet::build_root_categories_query() in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/faceted_search/content_type_facet.module on line 140.
  • strict warning: Declaration of taxonomy_facet::build_root_categories_query() should be compatible with faceted_search_facet::build_root_categories_query() in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/faceted_search/taxonomy_facets.module on line 285.
  • strict warning: Declaration of flag_rules_data_type::get_default_input_form() should be compatible with rules_data_type::get_default_input_form($variable_info, $value, &$form_state) in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/flag/includes/flag.rules.inc on line 30.
  • strict warning: Non-static method flag_flag::factory_by_row() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/flag/flag.module on line 890.
  • strict warning: Non-static method flag_flag::factory_by_row() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/flag/flag.module on line 890.
  • strict warning: Non-static method view::load() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/views.module on line 906.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/handlers/views_handler_argument.inc on line 32.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/handlers/views_handler_filter.inc on line 26.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/handlers/views_handler_filter.inc on line 26.
  • strict warning: Declaration of views_handler_filter_boolean_operator::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/handlers/views_handler_filter_boolean_operator.inc on line 13.
  • strict warning: Non-static method view::load() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/views.module on line 906.
  • strict warning: Non-static method view::load() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/views.module on line 906.
  • strict warning: Non-static method view::load() should not be called statically in /home/sdccdrup/public_html/sites/ienetwork.ie/modules/views/views.module on line 906.

Apple profits almost doubled in the last quarter, reflecting robust demand for the iPhone in China, as well as purchases of a new version of the iPad tablet, allaying the concerns that fuelled a 12% two-week slump in the stock.

Net income in the fiscal second quarter climbed to $11.6bn (€8.6bn), or $12.30 a share, as revenue increased 59% to $39.2bn, Cupertino, California-based Apple said yesterday in a statement. Analysts had predicted profit of $10.02 a share on revenue of $36.9bn, data compiled by Bloomberg show.

Chief executive Tim Cook is increasingly relying on regions outside the US for sales growth.

Apple sold 35.1 million iPhones in the period after releasing the latest model in China and 21 other countries in January. That helped make up for sales declines from the previous quarter at the top US mobile-phone carriers, Verizon Wireless and AT&T. It also quelled speculation that Apple’s growth pace may slacken.

"China has been a very fast-growing region for them," said Abhey Lamba, an analyst at Mizuho Securities USA in New York.

"There’s more disposable income, strong demand for high-end products and their penetration has been very low in that market. They have been highlighting that region as one of their focus areas."

Apple rose in extended trading, after having dipped 2% to $560.28 at the close in New York. The company’s shares slumped $75.95 since a record close of $636.23 on April 9. The company sold 11.8 million iPads last quarter. Analysts predicted Apple would sell 31.2 million iPhones and 11.9 million iPads, according to average estimates

Apple’s stock came under pressure this month after reports indicated a possible shortage in key components for its mobile devices and showed a decline in iPhone sales at wireless carriers. Some traders also took cues from so-called technical indicators that rely on historical trends to predict stock movements.

Apple dipped below its 50-day average yesterday for the first time since December. A weekly close below that level may signal a decline of as much as 19% from its record high is under way, according to UBS AG.

— Bloomberg

Read more: http://www.irishexaminer.com/business/kfsnkfgbsnsn/rss2/#ixzz1t3A4rQ6V