Apple Posts Quarterly… Profit!
Apple Posts Quarterly… Profit! After serving as a punching bag for Wall Street, business and technology press, and financial pundits for the last three fiscal quarters, Apple surprised most financial analysts last week by posting a $25 million profit for its fourth fiscal quarter. Although Apple still lost a lot of money for its 1996 fiscal year (an intimidating $816 million), this return to profitability is largely credited to Apple’s restructuring, reduced operating expenses, and improved efficiency under new CEO Gil Amelio. Although Apple’s still not out of the woods and faces many challenges, this unexpected news should bolster Apple as it introduces a number of new products and takes aim at the lucrative holiday season. [GD]