Apple smashes market expectations - graduate jobs

People searching for graduate computer science jobs would do well to look towards Apple, after the consumer technology giant posted impressive figures.

Revenues increased 61% to $15.7 billion (£10.3bn) in the second quarters, as it sold almost as many iPads as Mac computers. Profits went up 78% to $3.25bn (£2.1bn), smashing Wall Street expectations.

Shares in the company increased by more than 3% in after-hours trading in New York following Apple's move to lift its revenues guidance for the current quarter.

Sales of iPhones hit 8.4 million, an increase of 61% on last year, despite the company ceasing to ship more of the previous-generation iPhones after the latest model, the iPhone4, was announced in June. Some 1.7 million iPhone4s were sold during the last three days of the quarter.

It also sold about 3.3m iPads during its first three months on the market. This compared with 3.5m Macs after sales of the computers rose 33% due to record levels of business with schools and colleges.

Apple's strong performance contrasted with fellow technology firm Yahoo, which disappointed Wall Street with sluggish revenues growth.

Cost cuts meant second quarter earnings increased 51% to 213m dollars (£139.6 million), but analysts said revenues growth of 2% was disappointing given Google last week announced a 24% improvement over the same period.