Apple's net soars on lower costs

Apple Inc. reported an 88% increase in profit and a 21% jump in revenue as the company benefited from lower costs on components, such as flash-memory chips for its hit iPod products.
[Steve Jobs]

Shares of Apple soared more than 6% to $101.39 on the news in after-hours trading from its 4 p.m. price on the Nasdaq Stock Market.

The company's board also yesterday defended Chief Executive Steve Jobs against allegations by the company's former chief financial officer that Mr. Jobs misled him about the board's actions on past stock option awards.

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- Posted: 2007-04-26 09:57:44

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