SEATTLE — Apple Inc. beat expectations when reporting results Tuesday for its latest quarter, selling almost as many of its new iPad tablets as it sold Mac computers.
Apple said net income rose 78 percent to $3.25 billion, or $3.51 per share, from $1.8 billion, or $2.01 per share a year ago.
Revenue for the April-June period rose 61 percent from last year to $15.7 billion, making it the company’s highest quarterly revenue.
That’s better than Wall Street expected. Analysts surveyed by Thomson Reuters had forecast net income of $3.11 per share on $14.7 billion in revenue.
Apple sold 8.4 million iPhones, up 61 percent from last year, even though the company stopped shipping more of the previous-generation iPhones after the updated model, the iPhone 4, was announced in early June. Apple sold 1.7 million of the newest iPhone 4 during the last three days of the quarter.
Apple also said it sold about 3.3 million iPads in the gadget’s first three months on the market.
For the current quarter, Apple said it expects to earn $3.44 per share on $18 billion in revenue. Apple said it will wait until the October-December quarter to recognize about $175 million. That’s related to the free cases Apple pledged to give iPhone 4 buyers to alleviate a reception issue.
Business, Pages 24 on 07/21/2010