Thursday, April 21, 2011

Apple stock jumps thanks to iPhone

Apple Inc, hit another record this first quarter of 2011 thanks to their ever wanted product the iPhone. Apple's reputation soar and one of the sought after technology company in the world.

The company sold 18.65 million iPhones in  this second quarter, the largest number it has sold since the device debuted in middile of 2007. The reason for this increase in sales is because Verizon offers iPhone this year unlike before that it is exclusive to AT&T.

After the stock closed on Wednesday, Apples stock rose to  $351.11 a  2.54% increase or $8.70. Apples' profit increased compared to last year, this quarter the profit is $6 billion compared to more than $3 billion last year. Also the revenue is rising to $24.67 billion from $13.50 billion a year ago.

A very huge smile from Apple's CEO Steve Job, "With quarterly revenue growth of 83% and profit growth of 95%, we’re firing on all cylinders,” who is now on medical leave.

Source: LA Times

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