Two of the nation’s most important tech giants reported earnings after the bell. What must you know before you place your next bet?
AFTER HOURS ACTION: APPLE
Shares of Apple gained in extended trade after the company reported earnings that easily surpassed Street expectations, with sales of its iPad really getting investor attention.
In fact, all of Apple’s gadgets appear to be selling like hotcakes. The company sold 7.33 million iPads, 19.45 million iPods, 16.24 million iPhones and 4.13 million Macs.
Tablets appear to be gaining a toe hold at companies across the nation. "80% of the Fortune 100 are either testing or deploying iPads," says CNBC's John Fortt who monitored the conference call.
And the iPhone remains as popular as ever.
"Apple is still not able to satisfy demand for the iPhone 4, despite 16 million units sold," says Fortt. "They're working around the clock to work through the backlog."
Looking at the earnings a little more closely, Apple reported a profit of $6.43 a share in its fiscal first quarter, up from $3.67 a share last year with sales jumping to $26.74 billion.
Analysts who follow Apple forecast $5.40 a share on sales of $24.433 billion, according to a consensus estimate compiled by Thomson Reuters.
However, that’s not to say there are no concerns at Apple.
Shareholders were rattled over the long weekend by news that Steve Jobs, the company's iconic chief executive officer, is taking a medical leave of absence. The shares, which fell as low as $326 on the news, regained some lost ground later in the session.