Apple Launches New OS and Reports Record Profits
By Tim Miller
July 21, 2011
July 21, 2011
- Apple Inc. officially unveiled its newest operating system — OS X 10.7 “Lion” — on Wednesday. The OS introduces many features that mimic functions seen on its popular iPad.
- The company also reported record earnings in the third quarter, despite any major new product announcements. Revenue was up 82 percent, and profits more than doubled, as consumers continued to purchase iPhones and iPads in record numbers (Apple computers also continued to sell, although iPod sales declined 20 percent).
- Global sales of iPads nearly tripled to 9.25 million during the third quarter. Apple credits some of the success to adoption of the device by businesses such as Alaska Airlines and Nordstrom.
- The New York Times reports that Apple’s current market value is 10 times Dell’s and nearly five times Hewlett-Packard’s.
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