Apple Inc., the closest thing the tech industry has to a luxury brand, said Tuesday its profit jumped 15 percent in the most recent quarter despite the recession. IPhone revenue surged and reduced prices pushed laptop sales higher, even as the rest of the PC industry shrank. The company said earnings in the quarter that ended June 27 rose to $1.23 billion, or $1.35 per share. Apple’s profit was $1.07 billion, or $1.19 per share, in the same period last year. Sales increased 12 percent to $8.34 billion from $7.46 billion in the year-ago quarter, which is the third in Apple’s fiscal calendar.
Yahoo profit rises, beats analyst views
Yahoo Inc.’s second-quarter profit edged up 8 percent as tougher cost controls imposed by its recently hired chief executive helped offset further erosion in its advertising sale. The results announced Tuesday marked Yahoo’s first quarterly earnings increase since the beginning of 2008. Yahoo ended the quarter with 13,000 employees, down from 14,300 at the same time last year. That enabled the company to lower its cash expenses by about 25 percent, excluding severance costs. The Sunnyvale-based company made $141.4 million, or 10 cents per share, in the three months ending in June. That was up from income of $131.2 million, or 9 cents per share, last year.
Unemployment law takes effect Sunday
A law taking effect Sunday will eliminate unemployment-insurance charges for businesses hiring to temporarily fill positions left vacant when military reservists are deployed. The law closes a loophole that meant employers had pay for benefits for temporary employees who were laid off to accommodate returning reservists. Now, employers can apply to the state Employment Security Department for an exemption and specify which layoffs are due to returning military members. The law does not apply to government agencies and some tribal and nonprofit organizations.
Coca-Cola 2nd quarter profit rises 43 percent
Coca-Cola, the world’s largest beverage maker, on Tuesday posted a 43 percent increase in second-quarter profit, beating expectations as rapid overseas growth helped offset a sales decline caused by the stronger dollar. Profit rose mostly because last year’s quarter was dragged down by big restructuring charges and asset write-downs. The Atlanta-based seller of Coke, Sprite and VitaminWater on Tuesday said it earned $2.04 billion, or 88 cents per share, in the three months ending July 3. That’s up from $1.42 billion, or 61 cents per share, a year earlier. Sales fell 9 percent to $8.27 billion, mostly hurt by the strong dollar. Wall Street’s revenue estimate was $8.66 billion.
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