Apple Inc. had its profitable quarter in company history this holiday season, as iPhones flew off shelves and Apple introduced a new way for the company to account for the device, inspiring a 50 percent net income increase.
Also helping the company reach $15.7 billion in revenue, a 32 percent jump from last year, is the release of the i-Phone on new markets like in China and South Korea. Phone sales doubled as a result as the company earned $3.4 billion or $3.67 per share in the quarter that ended Dec. 26.
Apple’s momentum is unlikely to slow as the company prepares to unveil its latest gadget, a tablet that CEO Steve Jobs expects to revive and reform the way we experience print media. Jobs has implied that the tablet will do to print media what the iPod did to music.
Thus far, he has been evasive in his descriptions of the device, but if the products innovation is comparable to the company's other tech releases, it’s sure to make waves.
"The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about," Jobs said in a statement.
In trading Monday, Apple shares rose 2.7 percent, tacking on $5.32 per share to end at $203.07. In after hours shares were up $1.28 to $204.36.
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