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Apple banks on iProfit

18/01/2007

Apple has reported a record surge in profit boosted by sales of its digital music player.

Releasing it first quarter results, the iPod manufacturer reported a 78 per cent rise in sales from the previous year. During the quarter, which included the Christmas period, Apple shipped over 1.5 million computers and over 21 million iPods.

It posted revenue of $7.1 billion (£3.6 billion) and a profit of $1 billion (£508 million). The record profit has translated to $1.14 per share on the US market.

Announcing the sales, chief executive officer Steve Jobs said the sales and profit figures were a "record" for Apple.

He has forecasted another good year for the company, saying: "We've just kicked off what is going to be a very strong new product year for Apple by launching Apple TV and the revolutionary iPhone."

The company is expecting a more modest revenue of around $4.8 billion (£2.5 billion) in the second quarter.

Its latest product release, the iPhone, is expected to be a hit when it is made available to consumers in June. The phone combines the much loved features of its digital music player with the functions of a mobile phone.

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