Apple Fourth Quarter Swamps Wall Street Estimates

Apple reported yesterday that it dramatically outstripped estimates for fourth-quarter profits, news that bumped the company's stock up 6% in after-hours trading. Apple saw $6.22 billion in sales this quarter for earnings of $904 million ($1.01 per share), a 67% improvement over the same time last year. Analysts were expecting earnings of 86 cents on sales of $6.07 billion, repors the Merc-News.

The company also put forth rosy estimates for the next quarter, which covers the holiday season, of $1.42 a share on $9.2 billion in sales, better even than analysts' predictions of $1.39 a share. Computers, particularly laptops, were the highlight of Apple's sales reports, with iPod sales growth slowing. A revamping of the music player line may recharge iPod growth rates next quarter.