So much for that pesky antenna problem. True to form Apple Inc. (Nasdaq: AAPL) knocked the cover off of the ball again this week.
The Cupertino, Califonia-based maker of consumer electronics and computers reported earnings on after the close yesterday of $3.51 a share, up 75% over a year ago. Meanwhile, Apple’s sales for the quarter ending June 26 increased 61% to $15.6 billion.
That was nearly $1 billion higher than estimates as iPhone sales surged 61% versus a year ago to 8.4 million, and sales of its iPad, which was launched in April, hit 3.27 million.
On top of that, the quarter’s $15.7 billion in total sales topped the $15.3 billion that analysts predict Microsoft will report tomorrow. Earlier this year. Apple surpassed “PC Guy” as the largest technology company by market value.
Apple expects the gains to continue, forecasting per-share earnings of about $3.44 this quarter, while most analysts have pegged it at $3.83.
In the wake of this moonshot, JP Morgan raised its price target for Apple to $400 while Citigroup slapped a $350 target on the market’s best performing stock.
Antennagate or not, Steve Jobs still rocks.
The natural strikes again….
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