Apple's quarterly profit rised

Apple Inc. posted a higher quarterly profit on Wednesday as the company saw strong sales of its Macintosh computers and sold 270,000 iPhones. Apple's net income for its fiscal third quarter was $818 million, or 92 cents per share, compared with $472 million, or 54 cents per share, a year earlier. Revenue was $5.41 billion, […]

Apple Inc. posted a higher quarterly profit on Wednesday as the company saw strong sales of its Macintosh computers and sold 270,000 iPhones.

Apple's net income for its fiscal third quarter was $818 million, or 92 cents per share, compared with $472 million, or 54 cents per share, a year earlier. Revenue was $5.41 billion, up 24 percent from $4.37 billion a year earlier.

Apple had been expected to earn $644.4 million, or 72 cents per share, on revenue of $5.29 billion, according to the average analyst forecast on Reuters Estimates.

The iPhone went on sale on June 29 but its impact on Apple's results was limited because it was available only in the last two days of the quarter and sales will be booked as subscription revenue over two years.

Shares of Apple have risen 62 percent since the start of the year, when Chief Executive Steve Jobs unveiled the iPhone and announced a goal of selling 10 million units in 2008. The shares trade at 30 times its expected 2009 profit, a level most analysts say represents a rich valuation.

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Source:→ Reuters