Apple Profit News: Quarterly result soared past expectations

Apple (NASDAQ:AAPL) has seen its quarterly profit rise and has soared past Wall Street expectations, the strong sales of iPhones and iPods were the main reason. This shows that the company’s relatively expensive devices compared to the rest of its range of products are still very popular in this week economy.

Reuters have been explaining that Apple are known for giving conservative outlooks, the company gave Wall Street projections of profit and revenue for the current quarter below average, but not low enough to discourage investors. This news has since driven Apple shares up by 3 percent after-hours on Wednesday.

These results do show one thing, that Apple is relatively resilient in the current world economy. This is the first quarter since Chief Executive Steve Jobs left on medical leave; net profit has risen to $1.21 billion (835.6 million pounds, which works out to $1.33 a share. Last year’s results were $1.05 billion, or $1.16 a share.

Chief Financial Officer Peter Oppenheimer told Reuters that Steve Jobs would be returning to Apple at the end of June.