December 25, 2012- Apple, Inc. reported its quarterly earnings on Tuesday. Due to a huge demand for its iPad and iPhones, the company reported a net income of over $13 billion. The profit was more than double that of the same quarter in 2010. The profit was also registered as one of the highest quarterly profits of record.
During the quarter, there were 37 million iPhones sold. The new 4S version was launched in October just one week after Steve Jobs the company’s co-founder died of cancer. The high revenue moved Apple past Hewlett-Packard as the largest maker of computers in the world by sales. The results also eliminated any worry the company may falter as it starts a new era with Tom Cook as it CEO.
Many analysts were taken by surprise by the numbers released by Apple and one said, “We have run out of words to describe how good the quarter was for Apple.”
In early Wednesday trading, Apple was up over 7% in Germany. In the U.S., the stock increased by 12% in extended trading and surpassed it record cost at closing it set on January 18 of $429.11.
If the increase in the stock holds in trading in the U.S. today, then the market value of Apple will reach $437.1 billion and surpass that of Exxon. The two have been exchanging places since August at the top of the S&P 500 Index.