Apple profit set to increase 69 percent

Apple are due to announce a 69 percent jump in quarterly profit later today.

Bloomberg are claiming that record buying of the iPad and Macintosh computer are helping to counter the flagging sales of the aging iPhone 4. With the iPhone 5 due for release in the near future, sales should be reinvigorated.

Apple profit has risen to $5.5 billion in the fiscal third quarter, ending June 25th. Sales are said to have gained around 59 percent to $25 billion.

Bloomberg also surveyed analysts and the reports show that 7.7 million iPad 2 tablets were sold last quarter alone, increasing from 7.3 million from the previous quarter.

Charlie Wolf, a well known analyst at Needham & Co gave his own views saying “All I had to do is walk past the Apple store on my way to work each morning and there were lines down the street for at least a month after the iPad 2 launch.”

Many people in the UK will already be aware of delays caused by high demand, as there has been a 2-3 week waiting time on a purchase of the iPad 2, until very recently.

Competitors have been having a hard time getting sales in the tablet market, as Apple still dominate. Reports from research firms Gartner and IDC actually show that personal computer shipments have been hurt by the demand for the iPad in the tablet sector.

Kitguru says: While many companies are struggling during the recession, Apple seem to be immune.

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