Apple surges on earnings news

Jan. 13, 2005 at 11:49 AM
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CUPERTINO, Calif., Jan. 13 (UPI) -- Apple Computer of Cupertino, Calif., surged nearly 10 percent in value Thursday after its net income more than quadrupled in its fiscal first quarter.

Apple also reported late Wednesday its net sales surged 74 percent amid continued strong demand for its iPod digital-music players.

The computer maker posted net income of $295 million, or 70 cents a share, for the quarter ended Dec. 25, compared with $63 million, or 17 cents a share, a year earlier. In October, Apple expected earnings of 39 cents to 42 cents a share.

Net sales climbed to $3.49 billion from $2.01 billion. The company in October projected sales of $2.8 billion to $2.9 billion.

The introduction of a new iPod Photo edition and a special edition endorsed by Irish rock band U2 helped push iPod shipments to 4.58 million, more than six times above the 733,000 sold a year earlier.

Apple's stock surged $6.38 to $71.84 as more than 30 million shares changed hands on the Nasdaq Stock Market. But, the gains failed to ignite a market rally.

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