Update: Apple Shares Up 10 Percent on Strong Earnings

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Shares of Apple Computer Inc. rose nearly 7 percent on Thursday, boosted by quarterly profit and revenue jumps on strong holiday sales of its massively popular iPod music players and on optimism about results in the current quarter.


Apple announced Wednesday after market close that its fiscal first-quarter earnings more than quadrupled, exceeding Wall Street expectations.


Apple reported net income of $295 million (70 cents per share) for the quarter ended Dec. 25, compared to $63 million (17 cents per share) for the comparable period in 2003.


Revenue for the quarter was $3.49 billion, up nearly 75 percent from $2 billion in the year-ago quarter.


Shares of Apple settled up 6.6 percent to $69.80 after reaching a daily high of$74.42 in heavy-volume trading on Thursday.

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