July 20, 2011- Shortly after Apple reported their quarterly numbers their stock share prices passed the $400 mark for the first time in company history. Record iPad and iPhone sales helped the company’s quarterly profit fly by what was estimated.
Net income over the period was $7.3 billion, more than doubling profits from the same period a year ago with profits per share of $7.79. Last year profits were at $3.25 billion and $3.51 per share. Sales increased by over 80% to $28.6 billion, while estimates from analysts were sales of $25 billion and only a profit of $5.87 per share.
International demand helped to spark sales in iPhones. China revenue was up six-fold to an incredible $3.9 billion. After getting past the shortfalls of the iPad 2 shortly after it debuted, Apple said their sales skyrocketed. The iPad is now the second leading revenue generator the business has behind only the iPhone, with fewer than two years in the market.
The report succeeded in easing concerns of investors that Apple’s sales may suffer due to not having a new iPhone. Key to their results was China as well as other emerging economies that helped to make up for the lack of growth in sales for the U.S.
The stock was up at one point 7.5% to $405 a share before settling at $376. Shares are up in early trading Wednesday to $388.