Apple profits beat forecasts

Apple profits soar

Despite the recent controversy over their iPhone 4 and its antenna issues, Apple's third quarter profits have eclipsed Wall Street predictions bolstered by sales of their iPad and the increasing popularity of their Mac computers.

The company has seen a 78 percent in profits with a reported net income for the three months to 26 June of US$3.25 billion (UK£2.1 billion) up from US$1.83 billion for the quarter last year.

Revenue also increased by a massive percentage from last year - 61 percent - totalling US$15.7 billion. It is the company's highest quarterly revenue ever, establishing the firm as the world's biggest tech-company, a title that it stole from Microsoft earlier in the year.

"Phenomenal quarter"

Speaking about the company's profits, Steve Jobs, Apple's CEO said, "It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple's history with iPhone 4."

"iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year," he added.

With a slew of popular products, Apple's brand has never been more popular. Sales of its iPhone have reportedly hit 8.4 million (a 61 percent rise on last year), with the 3G and 3GS still selling strong despite the release of the iPhone 4G.

However the iPhone 4G still sold 1.7 million units in three days (which were included in the quarter) leading to Jobs dunning it the "the most successful product launch in Apple's history".

Sales of Mac computers were also up, by 33 percent, with 3.5 million sold - the same figure as the iPad, which has only been out since April.

Apple's success this year has led many to speculate that this could be the year it overtakes Microsoft in terms of revenue. It is expected to report a revenue of US$15.25 billion later in the week.

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