Apple’s stock price surged past $400 for the first time, after record sales of iPhones and iPads pushed third-quarter profit beyond estimates. Net income during the period was $7.31 billion ($7.79 per share), which is more than double of last year’s $3.25 billion ($3.51 per share). This was helped by iPhone sales in China, where total revenue jumped sixfold to $3.8 billion.
Overall sales jumped 82 percent to $28.6 billion. Analysts had predicted a profit of $5.87 per share and a revenue of $25 billion. Apple sold 20.3 million iPhones and 9.3 million iPads in the third quarter, which ended June 25. Mac computer sales were 3.95 million
Having overcome supply shortages for the iPad 2 after its March debut, saw sales of the iPad soar, reported Adam Satariano of Bloomberg. The tablet is now Apple’s second-largest source of revenue – behind the iPhone – less than two years after its initial launch.
After the results were released, Apple shares shot up 7.5 percent to $405 in extended trading. The stock is up 17 percent this year.
The report eased investors’ concerns that sales would suffer from the lack of a new iPhone, which isn’t expected until September. The Cupertino, California-based company also has been operating without the day-to-day attention of Chief Executive Officer Steve Jobs, who has been on medical leave since January.
Apple’s results assuaged worries by investors that sales would suffer because a new iPhone will only be available in September. Its foray into China and other fast-growing economies helped compensate slower growth in the U.S. Sales in China, Taiwan and Hong Kong accounted for $8.8 billion in the first three quarters of the fiscal year, Apple revealed.
The Wall Street Journal has cited unmamed sources familiar with the issue that since Jobs went on leave, some members of Apple’s board have discussed CEO succession with executive recruiters. The talks included at least one head of a high-profile technology company, the Journal added.
The results also substantiated the belief that tablets are cannibalizing sales from traditional personal computers. Apple claims that 86 percent of Fortune 500 companies are testing or deploying the iPad, and disclosed that sales of the tablet beat those of the Mac computer among primary and secondary schools.
At the Worldwide Developers Conference (WWDC) 2011 today, Scott Forstall – Apple’s senior vice president of iOS – paraded 10 of the promised 200 new features for the iPhone, iPad, and iPod Touch. Although customers will only be receiving the update in autumn, developers will get their version of iOS 5 today.
Notification Center provides iOS 5 users with an innovative way to easily access all notifications―text messages, missed calls, calendar alerts, app alerts and more, all in one place, from anywhere in iOS 5. When they arrive, notifications appear briefly at the top of the screen without interrupting what you’re doing. With one swipe you can see all your notifications, and a simple tap will take you right to its app for more detail. Notifications also appear on the lock screen, with the ability to be taken to the notifying app with just one swipe. This is similar to the consolidated notification alert bar and window on newer BlackBerry devices like the 
Newsstand is an easy-to-organise bookshelf displaying the covers of all your newspaper and magazine subscriptions in one place. A new section of the App Store features just subscription titles, and allows users to quickly find the most popular newspapers and magazines in the world. For subscribed titles, new issues appear in the Newsstand and are updated automatically in the background so you always have the latest issue and the most recent cover art.
Safari sees new features for the browser in iOS 5. Safari Reader will strip down poorly formatted pages into an RSS-like view, and provides a link that allows you to e-mail the entire text of a story from within Safari. Reading List lets you save articles to read later and they automatically show up on all your iOS devices. Tabbed browsing is now available on the iPad making it easy to flip between multiple web pages on the tablet.
iOS 5 includes built-in Twitter integration, so you can sign in once and then tweet directly from all your Twitter-enabled apps, including Photos, Camera, Safari, YouTube and Maps with a single tap. New APIs give third party developers the ability to take advantage of the single sign-on capability for their own iOS 5 apps.
iMessage in iOS 5 brings the functionality of iPhone messaging to all of your iOS devices―iPhone, iPad and iPod touch. Built right into the Messages app, iMessage allows you to easily send text messages, photos, videos or contact information to a person or a group on other iOS 5 devices over Wi-Fi or 3G. iMessages are automatically pushed to all your iOS 5 devices, making it easy to maintain one conversation across your iPhone, iPad and iPod touch. iMessage also features delivery and read receipts, typing indication and secure end-to-end encryption.
With the new PC Free feature, iOS 5 users can activate and set up their iOS device right out of the box with no computer required, and iOS software updates are delivered over the air and installed with just a tap. Wi-Fi Sync in iOS 5 transfers and backs up your content securely over SSL and wirelessly syncs purchased content from your device to your iTunes library.
• Game Center, now with the ability to add photos to your profile, purchase new games from within the Game Center app and easier ways to find friends and new games.
The iOS 5 beta software and SDK are available immediately for iOS Developer Program members at 
