Apple’s Stock on the Rise

Apple’s stock is going up and up after the release of their third quarter report. At the end of Tuesday’s trading, Apple’s stock was at around $151.50. After the report became public, Apple’s stock currently is currently higher than $158.

In the third quarter report, Apple earned $1.23 billion. Compared to the third quarter of 2008, Apple earned about $400 million more this year. Sales were also up — from $7.46 billion at this time last year to $8.34 billion. The fact that sales rose more than $850 million easily beat expectations.

Steve Jobs, who recently returned to the company after a medical leave of absence, pointed to the iPhone and the App Store as reasons why Apple saw impressive jumps in both earnings and sales.

Said Jobs: “We’re making our most innovative products ever and our customers are responding. We’re thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year.”

Steve Jobs Returns to Apple (Image: Flickr)