Stocks of Apple have reached their highest ever prices after its earnings in the second quarter, which were well over what had been estimated, were boosted by the unprecedented sales of the company’s iPhones and iPads. Apple’s net income went up by more than two times its earlier value of $3.51 billion last year, to $7.31 billion, which means each share of the company earned $7.79 as compared to the previous year. This information was released by Apple in a statement made public on Wednesday.
The sales of the electronics giant went up by 82% to reach the $28 billion mark. The sales of the iPhone were boosted by the huge demand in the international market, especially in China, a country where the total revenue of the company increased six fold to $3.8 billion. The sales of the iPad 2 too have been soaring after Apple managed to overcome the shortage in the supply of the tablet which had its sales suffering due to a huge backlog. The popular tablet has gone on to become the company’s second biggest revenue source, trailing only to the iPhone, just a couple of years after it was introduced.
An investor in Apple, Ryan Jacob, said that the company now is much ahead of its rivals, which is reflected through these numbers. He said that Apple has a rare ability to introduce new products and immediately capture a large chunk of the market share. The shares of the company went up by 4.2% to reach $392.83 in the Nasdaq stock market. The stock, which has increased by 17% this year, registered a value of $376.85 at close yesterday.
This report comes as relief to investors in Apple who were concerned that the sales in the market were going to suffer because of the delay in releasing the latest iPhone which isn’t expected to come out at least until September. The California based electronics company has also not had the day to day supervision of their iconic CEO Steve Jobs, who has been out on an unspecified medical leave since this January.
An investor in Apple based in Wisconsin, Mike Binger said that Apple proves itself to be a juggernaut every quarter. The extension of Apple’s reach in the far east in countries such as China and the other quick-growing economies has helped it make up for the slowing growth in the US. The sales of the company in Taiwan, China and Hong Kong have totaled up to the figure of $8.1 billion during the first three quarters this year.