Business news

Apple income soars on success of iPhone


SEATTLE --- Apple Inc. said Monday that net income for the most recent quarter soared 70 percent on strong sales of iPhones, though iPad sales fell short of expectations.

Apple sold 4.2 million of its new tablet-style computer during the fiscal fourth quarter, fewer than the approximately 5 million that analysts had expected .

The company sold 14.1 million iPhones from July through September, more than the 12 million analysts were looking for. Apple Chief Financial Officer Peter Oppenheimer said that had the company been able to make more iPhones, the number would have been even higher.

Citigroup posts profit for three quarters

NEW YORK --- Citigroup Inc., one of the worst-hit banks during the financial crisis, posted its third straight quarterly profit, a sign that major banks and their customers are starting to find their footing.

Citi became the second major bank this quarter, after JPMorgan Chase & Co., to report a profit by dipping into funds it had set aside to cover future losses from bad loans.

The New York bank, which is still 12 percent owned by the government, earned $2.15 billion, or 7 cents per share, in the three months ended in September.