Apple beats earnings estimates

Thursday, April 20, 2000 | 11:35 a.m.

Second-quarter earnings at Apple Computer Inc. handily beat analysts' expectations as the computer manufacturer continued to reap the benefits of its sleek iMac line of desktop computers.

The company, emboldened by a resurgent stock price, also announced Wednesday it plans its first stock split in 13 years.

Including a windfall from its holdings in ARM Holdings Inc., Apple had net income of $233 million, or $1.28 per share in the three months ended April 1. In the same period last year, the personal computer maker earned $135 million, or 84 cents per share.

Excluding the investment gains, the Cupertino, Calif.-based Apple earned $160 million, or 88 cents per share. Analysts surveyed by First Call/Thomson Financial had forecast earnings of 81 cents per share.

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