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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Apple smashes forecasts, stock hits record Tue Oct 20, 2009 5:22am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Gabriel Madway SAN FRANCISCO (Reuters) - Apple Inc's profits and sales streaked past Wall Street forecasts as iPhone and Mac sales hit quarterly records, sending its shares rocketing to all-time highs on Monday. Sales of Mac computers -- the largest single contributor to Apple's revenue -- jumped a better-than-foreseen 17 percent, but shipments of the closely watched iPhone were held back by problems in producing enough to meet demand, particularly abroad. "The big story is the renewed ascendancy of the Mac," said Barry Jaruzelski, a partner at consulting firm Booz & Co. "The only surprise would be when Apple doesn't surprise on earnings .... The Mac and iPhone continue to grow and take share, and they're taking share with premium pricing." IPhone sales had been expected to steal the limelight. Yet unit sales rose 7 percent to 7.4 million, just shy of Wall Street expectations of 7.5 million units. But it was the company's venerable Mac warhorse, which has steadily expanded market share for years, that starred. The stellar shipment numbers came just days before rival Microsoft Corp was set to unveil its latest version of Windows operating system, to be followed a day later by its own quarterly results. Mac sales hit 3.05 million in the September quarter, above average estimate for about 2.8 million. Sales of laptop units alone leapt 35 percent, at a time the global PC market is stagnant. "These are huge numbers tonight. Apple is probably the best growth story in tech, maybe one of the best growth stocks in the market. I bet this stock can go to $250 in six to nine months," said Jane Snorek, analyst at First American Funds. "This makes me think Apple will have a great Christmas." Apple's fiscal fourth quarter marked the return of Chief Executive Steve Jobs to his offices at 1 Infinite Loop, Cupertino, California. The master showman had a liver transplant while on a six-month leave of absence. In his absence, Apple showed resilience to the slump in consumer spending that pummeled rivals, such as BlackBerry maker Research in Motion's and Nokia. "The number of Macs sold shows that Windows 7 has not been a threat to the Apple franchise," said Shannon Cross of Cross Research. "These are phenomenal results." OUTSIZED HOPES, BLOCKBUSTER RESULTS According to industry tracker IDC, Apple holds 9.4 percent of the U.S. PC market. Net profit rose to $1.67 billion, or $1.82 a share, in the quarter ended September 26, from $1.14 billion, or $1.26 a share, in the year-earlier period. Analysts were expecting a profit of $1.42 a share, according to Thomson Reuters I/B/E/S. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Google goes global with Apps also on reuters Blog: “Balloon Boy” and the drive for reality TV fame U.S. to end war on medical marijuana in legal states Video Video: Comcast deal could shake up NBC More Technology News Google goes global with Apps Unspoken rules govern cell phone etiquette Fake security software in millions of computers: Symantec Motorola rises ahead of next Android phone launch U.S. video game sales up 1 percent in Sept; PS3 top: NPD More Technology News... Related News INSTANT VIEW: Apple posts blowout quarter 5:22am EDT Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video UPDATE 2-New York Times to cut 100 newsroom jobs U.S. decision can't wait for Afghan legitimacy: Gates Fake security software in millions of computers - Symantec Pope makes it easier for Anglicans to convert Apple smashes forecasts, stock hits record Wall Street on edge as SEC top cop gets aggressive Modern man a wimp says anthropologist Battle intensifies as Taliban retake Pakistani town | Video U.S. to end war on medical marijuana in legal states Galleon founder's fate may help sink the group Most Popular Articles RSS Feed Video Comcast deal could shake up NBC U.S. rolls out new policy on Sudan French rail workers strike Iran says U.S. and UK behind attack US encouraged by Afghan events Microsoft rebounds with Windows 7 Cube home takes top solar prize White House presses Wall St. reforms Talks on Iran nuclear fuel begin Pakistanis flee Waziristan region Most Popular Videos RSS Feed commentary Apple defies gravity You have to be very dark-hearted to see clouds ahead for Apple, but there are two areas where doubts might arise. Commentary Video: Microsoft rebounds with Windows 7 Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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