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Apple Q3 2010 earnings, Mac up 33%, 8.4 iPhone & 3.27 million iPad sales

Apple announced its financial results on Tuesday for the third quarter of 2010 ending June 26.

Amongst the announcements was the news that the company posted record revenue of $15.7 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share. Apple said it had sold 3.47 million Macs during the quarter, an increase of 33 percent from the quarter last year. The company also sold 8.4 million iPhones during the quarter, a 61 percent increase from the quarter last year. iPod sales dipped significantly by eight percent indicating that consumers are slowly moving to all in one devices such as the iPhone. The Company began selling iPads during the quarter, with total sales of 3.27 million.

“It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple’s history with iPhone 4,” said Steve Jobs, Apple’s CEO. “iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year.”

Apple once again had a strong quarter and blew past Wall Street estimates. Apple's previous Q1 and Q2 2010 results were strong mainly thanks to iPhone sales. The iPad sales are extremely strong and nearly topped Mac sales for this quarter. Apple launched its iPad tablet computer earlier this year and sold 300,000 units on the first day of sales. The iPad has managed to grab 0.04% of the global browser market share since its launch. Apple also launched the iPhone 4 in June. Apple CEO Steve Jobs herald the launch as "the most successful product launch in Apple’s history."

Despite shifting 1.7 million units in its first weekend of sales, not everything went to plan for the iPhone 4 launch. Prior to the launch, customers who pre-ordered their device and received it a little early, began reporting widespread reception issues when holding the iPhone 4 with their left hand. Apple eventually responded to the reception reports and said it planned to issue a software fix. This software fix (iOS 4.0.1) corrected a bad algorithm for displaying signal bars but did not address the core issue of poor antenna performance. Apple was forced to hold an emergency press conference and promised a free case for every iPhone 4 user.

Apple is expected to announce a new "Magic Trackpad" device in the coming weeks. Gadget blog, Engadget, recently discovered an FCC filing which could mean Apple will reveal the device shortly. Apple's stock price went up nearly 3% during after-hours trading on the NASDAQ in reaction to the earnings results.

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