Apple Computer reported that net earnings jumped 48 percent in the latest quarter, topping forecasts on Wall Street.

The maker of iPods and Mac computers reported earnings of 54 cents a share for its fiscal third quarter ended July 1, up from 37 cents a year earlier. Analysts had been looking for profits of 44 cents a share, according to a survey by Thomson First Call.

Net income jumped to $472 million from $320 million.

Sales climbed to $4.37 billion from $3.5 billion, about in line with forecasts of $4.4 billion.

Apple said it expects $4.5 billion to $4.6 billion in revenue for the current quarter, below analysts' expectations of $4.9 billion, and earnings of 46 cents to 48 cents a share after a three-cent charge for stock-based compensation. Analysts had been forecasting profit of 52 cents a share for the current quarter.

The company shipped 1.3 million Macs in the quarter, up 12 percent from a year ago and just above Wall Street analysts' expectations of about 1.25 million, as customers grabbed up new Mac models containing Intel chips. The company said its entire Mac line will make the switch to Intel chips by the end of the year.

By: DocMemory
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