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. Â 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.
Sources: TechCrunch, 9 to 5 Mac, AppleInsider