Apple and Yahoo see profits surge

APPLE results blew past Wall Street expectations on the back of record iPhone sales, and the company gave a surprisingly strong revenue forecast, sending its shares to a record high yesterday.

Apple, which typically offers conservative forecasts, projected revenue of $13bn (£8.4bn) to $13.4bn in the current, June quarter. Wall Street had been targeting revenue of $12.97bn. The company sold 8.75m iPhones and 10.89m iPods in the March quarter.

Meanwhile Yahoo’s first-quarter net profit nearly tripled as the Internet company’s revenue edged up for the first time in 18 months. The company earned $310.2m, or 22 cents per share, in January-March compared with income of $117.6m, or eight cents per share, a year ago.