Apple Computer topped the expectations of Wall Street analysts this week by reporting third-quarter income of $US101 million.
Revenues for the quarter, ended June 26, were $US1.4 billion, equal to revenues of the prior quarter, when income was $55 million, Apple said. In the same period last year, Apple reported $US1.7 billion in revenues and a net loss of $US56 million.
The quarter's results were affected by a $US26 million net favourable impact from non-recurring items, including the initial public offering of ARM Holdings, in which Apple is a shareholder. Without these non-recurring items, Apple's net income for the quarter would have been $US75 million.
"Apple had a terrific quarter -- we sold a record number of Power Macintosh G3 computers, customers love our new PowerBooks, Apple earned its highest profits in years, and we ended the quarter with the lowest inventory level among the major PC players," said Steve Jobs, Apple's interim CEO.