Apple Profit Tops Estimates on Record Sales

Apple Inc. (AAPL), the biggest technology company by market value, reported third-quarter profit that topped estimates, lifted by record sales of iPhones and iPad tablets. The stock jumped to an all-time high in late trading.

Net income in the period more than doubled to $7.31 billion, or $7.79 a share, from $3.25 billion, or $3.51, a year earlier, Apple said today in a statement. Sales climbed 82 percent to $28.6 billion. Analysts had predicted profit of $5.87 a share and revenue of $25 billion, according to Bloomberg data.

The report eased investors’ concerns that sales would suffer from the lack of a new iPhone -- Apple’s best-selling product -- which isn’t expected until September. The Cupertino, California-based company also has been operating without the day-to-day attention of Chief Executive Officer Steve Jobs, who has been on medical leave since January.

Source:Bloomberg