APPLE STOCK TAKES A GIANT LEAP

Rumors of the iPad’s death have been greatly exaggerated. Apple’s earnings swung upward by 12% to $8.7 during the most recent quarter, owing largely to the iPad snapping out of a three-plus year sales slump and rising demand for iPhones. Revenues also increased 7% from last year to $45.4b.

Apple sold 11.4m iPads during the quarter, a 15% increase from last year–the first time iPad quarterly sales have improved from the previous year since early 2014. Apples services business (Apple Music, iTunes, iCloud storage) also saw a revenue increase of 23%, to $2.7b.

The announced results, which include the period from April to July 1, exceed analysts’ projections. With its better-than-expected numbers, Apple's revenue forecast for its current quarter ending in September may reach $52b, a better number than last year when the iPhone 7’s were released.

Apple shares have increased 30% since the beginning of the year. When trading closed Tuesday, shares hit $150.05, 41% higher than a year ago.

In related news, after owning it for two years, a HITS editor figured out how to "swipe" on his iPhone today, shortly before dropping it in the crapper.