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Apple shares soar on profit jump

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Apple shares soar on profit jump

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Apple has returned to form and added more lustre to its high tech-crown with quarterly profit that almost doubled.

In the run up to Christmas it sold over 37 million iPhones — its flagship product — and 15.43 iPad tablet computers, doubling from a year earlier.

The results removed any doubts about the ability of new Chief Executive Tim Cook to lead the company that Steve Jobs built: Jobs died in October from cancer.

With quarterly net profit of just over 13 billion dollars(10 billion euros) Apple’s shares shot up to a fresh record and the results gave a boost to the technology sector in the US and Europe.

Analyst Fidel Helmer of Hauck & Aufhäuser said: “Well, Apple has all these new innovations like the iPhone and the iPad, and people get crazy about these. That’s why the Apple share price skyrocketed after Tuesday’s closing bell. And that helps our markets and share prices of our IT sectors in Europe.”

Sales in the United States were particularly strong, with revenue rising 90 percent in the Americas region.

Sales in Europe were up 55 percent despite the debt crisis and low consumer confidence in the region.