Tech stocks on a roll as Google, IBM produce record results
Despite the recession, tech stocks are booming. After Google's stellar performance last week, IBM today announced a 15 percent increase in revenue for the second quarter at $26.7 billion. Net income rose eight percent to $3.7 billion. Apple releases quarterly figures after the NASDAQ closes tomorrow. In anticipation Apple stock closed at a record high of $373.80, up 2.43 percent. The company is now valued at a staggering $350 billion, second only to Exxon's $409 billion.
Apple's announcement is likely to underline the world-wide success of the iPad in a field where there is still no serious competition even 18 months after the first model was launched. Over 25 million iPads have now been sold and production has caught up with demand. Worse for the competition, Apple Insider reports today that there is a strong rumour that RIM are about to stop production of the BlackBerry PlayBook which has had a lukewarm reception.