In life, it’s better not to have regrets, but ahhhh, why didn’t someone tell me to buy Apple stock? Many of us can’t help but kick ourselves for not buying a few hundred shares of the most valuable tech company in the world back when the price was right. Yesterday, Apple was making all kinds of records as their quarterly revenue and profit, stock and iPad and iPhone sales hit all-time highs. Apple stock hit over $400 per share! Not a bad day at the office!
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If you bought an iPhone or iPad recently, you contributed to Apple’s record day where Apple stock soared 7.5 percent to $405 in extended trading once third-quarter results were made public. You could have bought in at $82/share back in late 2008! Apple stock is up 17 percent so far this year and closed at a record $376.85 Tuesday in regular Nasdaq Stock Market trading, says CNN Money.
So what are Apple’s record figures? According to Bloomberg, “net income in the period more than doubled to $7.31 billion, or $7.79 a share, from $3.25 billion, or $3.51, a year earlier. Sales climbed 82 percent to $28.6 billion. Analysts had predicted profit of $5.87 a share and revenue of $25 billion, according to Bloomberg data.”
Why all the sales? China. International demand helped iPhone sales go through the roof and in China alone, total revenue jumped to a staggering $3.8 billion. And the iPad? After overcoming supply shortages shortly after the device’s March release, iPad sales hit record highs. It’s now Apple’s second largest earner (right behind the iPhone) just two years after first hitting shelves.
Ryan Jacob, an Apple investor at Jacob Asset Management commented on Apple’s big day:
They have the wind at their backs in a big way, and it’s being reflected in these numbers. They have a unique ability to increase market share and introduce new products.
That’s for sure! Do you have Apple stock?