Apple profits to double on iPad and iPhone 4
Apple is expected to announce "blowout" results this week thanks to the phenomenal popularity of its iPad and iPhone 4 .
The Silicon Valley-based consumer technology company, which has fundamentally changed the world's mobile computing market, is expected to report an almost doubling in profits of approximately $13.4bn (€9.6bn) when in reports full-year results tomorrow.
Sales in the year to the end of September are expected to come in at about $63.7bn, compared with $36.5bn a year earlier.
The huge increase will be credited to the phenomenal success of Apple's "game changing" iPad touchscreen computer and the continued dominance of its iPhone.
Analysts expect Apple to report that iPads sales have topped 4.5m in the quarter, compared with previous estimates of 3.9m.
By the year's end, Apple is expected to have sold up to 15m iPads since its launch in April. It sold 6m iPhones sold during its first year on the market.
It is set to announce a second-generation iPad which is rumoured to include front and back video cameras for face-to-face video calls.
There are also rumours of a seven-inch model to complement the existing 9.7 inch computer.
iPhone sales in the quarter are expected to top 12m, ahead of earlier estimates of 10.5m. Sales of the latest, iPhone 4, are not expected to have been noticeably affected by the "antennagate" controversy, which made it difficult to make calls in some cases.
Analyst predict total sales in the three months to the end of September will come in 103pc higher at $19.9bn.
Maynard Um, an analyst at UBS, said: "Despite tough economic conditions, consumers remain willing to pay for innovation."
Yair Reiner, an analyst at Oppenheimer, said: "Bottom line, as big as Apple is today, it seems destined to get much bigger."
He said he expects tomorrow's results will push Apple's shares to a new all-time high. "We think a blowout September quarter will provide the catalytic push in the rump for an overdue catch-up trade," he said.
The shares, which were $188 last October, broke the $300 barrier last week. The shares are worth more than 30 times their value seven years ago.
Apple, which began in a Californian garage in 1976, is now America's second most valuable company, with a market value of $287bn.