NEW YORK, April 26 – Apple Inc. (AAPL) announced that its third quarter earnings smashed through Wall Street estimates and Apple stock responded by passing $100 per share to an all-time high.
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The company shipped more than 10.5 million iPods and 1.5 million computers in the quarter, as sales grew 20% to $5.26 billion.
Despite recent negativity towards Apple from a small options backdating scandal, investors pushed shares in the company to previously unseen heights, with expectations still on the upside. Deutsche Bank analyst Chris Whitemore increased his price target from $130 to $140.
Though the new AppleTV has not been selling as quickly as the company had hoped, the anticipation for the iPhone is spreading like wildfire, which should only help the electronics maker continue its upward climb.