APPLE $400!

Apple's earnings are out and it's another monster quarter for the company as iPhone and iPad sales blew away estimates.

It earned $7.31 billion in net profit on revenue of $28.57 billion for the June quarter. Both are records for Apple.

Apple's guidance is much lower than expected, but the company is notorious for sandbagging its guidance then delivering a big surprise.

In the release Steve Jobs said, "We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent."

He added, "Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall."

While there was no hint, or even suggestion about the iPhone 5 in that statement from Jobs, CFO Peter Oppenheimer spilled the beans a little on the call. He said the September quarter would be affected by a "product transition," which suggests we'll see a new iPhone.

Apple's stock was halted for trading when earnings were being released. Once they were out and the stock was trading again, it exploded 8% higher and broke the $400 barrier for the first time ever.

Read more: http://www.businessinsider.com/apple-earnings-june-quarter-2011-7#ixzz1ScJgmugK