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.
- Pokemon DS games hit one million in five days
- Wii helps push Nintendo profits up 77%
- Nintendo profits through the roof on Wii and DS sales
- Acer recalls 27,000 notebook batteries
- "Father of PlayStation" to step down as Sony Games CEO
- Sony announces super small HD camcorder
- Details emerge about PS3 EyeToy
- HD DVD shipments "near" one million
- Hitachi ships terabyte hard drive
- Next Windows Server available for public beta testing
- Microsoft rakes in profits
- Rumors about 45 nm Core 2 Duo production begin to fly
- One Laptop Per Child' price jumps from $100 to $175
- Mattel turns Barbie into an MP3 player and online avatar
- Nintendo acquires developer Monolith
- Nintendo promises to step up Wii production to meet demand
- British woman wears a real tin foil hat
- Huge anti-spam lawsuit filed
