AP NEWS
Related topics

Apple Jumps 17 Percent in Revenue

July 18, 2000

CUPERTINO, Calif. (AP) _ Apple Computer, Inc. reported a 43 percent increase in third-quarter operating profits, beating Wall Street expectations by a penny a share.

For the quarter ended July 1, the company earned $163 million, or 45 cents per share, compared with $104 million, or 35 cents per share, in the year-ago quarter.

Analysts surveyed by First Call/Thomson Financial expected the company to earn 44 cents a share.

Net income, which includes $37 million in investment gains, was $200 million, or 55 cents per share, compared with $203 million, or 60 cents per share, for the third quarter of 1999, when the company had investment gains of $114 million.

Revenues were up 17 percent from the year-ago period, pointing to what company officials say is proof the computer maker is definitely out of the economic slump that dogged the company in previous years.

``The turnaround is over,″ said Fred Anderson, Apple’s chief financial officer. ``We’re now in the early stages of a strong growth story.″

Apple reported its results after the close of regular trading. Shares of Apple were down $1.063 to $57.25 on the Nasdaq Stock Market. In after-hours trading, the shares sank 6 percent, or $3.375, to $53.875.

The results come a day before an expected product announcement from Apple Chief Executive Officer Steve Jobs, who is scheduled to give the keynote address Wednesday at the Macworld conference and exposition in New York City.

Anderson would not give any hints about the pending announcement. ``I think everyone will be impressed. I’m telling everyone to stay tuned.″

The company is rumored to be introducing a cube-shaped iMac computer and possibly a new and differently shaped iMac mouse.

___

On the Net:

http://www.apple.com

AP RADIO
Update hourly