Apple shares rise about $100 for the first time
Cupertino (CA) - High revenues and profits helped push Apple shares above $100 for the first time yesterday. Share prices jumped more than 6 percent in after-hours trading on Wednesday night after the company reported an 88 percent jump in profits thanks to health sales of iPod players and Mac computers.
The Nasdaq traded stock hit $102.40 in late Wednesday trading and has held steady in Thursday trading. The company had quarterly revenues of $5.26 billion which was up 21 percent from last year. Apple enjoys a very high margin on its products and had gross margins of 35 percent.
Not all is rosy for the company because Chairman Steve Jobs still has the stock options fraud cloud hanging above him. Former CFO Fred Anderson has accused jobs of being involved in illegal backdating of stock options in 2001. Apple’s board recently made a public statement supporting Jobs.
Ipod and music-related products comprise 44 percent of Apple’s quarterly revenue.