Apple Profit Surges on IPhone, Macs

Apple continued to power through the downturn as it posted a 47% quarterly profit jump as consumers continued to snap up its iPhones and Macintosh computers. The company also sounded an upbeat note for the holiday season, despite new competition in the smart-phone and PC markets. Shares of Apple surged more than 6% after the results were released, eclipsing $200. Apple sold 7.4 million iPhones in its quarter ended Sept. 26, up 7% from a year ago and 41% more than the previous quarter, bucking concerns of a supply constraint. Demand was fed by a price drop and a faster iPhone model announced in June, which Apple has been gradually rolling out in overseas markets. Apple also sold 3.1 million Macintosh computers in the quarter, up 17% from a year earlier, as it continued to gain ground on Windows-based machines. In the quarter, Apple released Snow Leopard, a major upgrade to its Mac operating system, and it said initial sales have been double that of the previous upgrade two years ago.