Apple Computer announced last night that it had stemmed a string of losses, reporting net earnings of $47 million (£34.2 million) in the first quarter of fiscal 1998. The company posted a net loss of $120 million in the same quarter of 1997.

Earnings per share for the latest quarter, which ended December 26th last came to 33 cents, two cents below market expectations and compared with a loss of 96 cents in the year ago period.

The value sales in the quarter fell to $1.578 billion from $2.129 billion in the year-earlier period. International sales accounted for 50 per cent of quarterly revenues. The results constituted a sharp turnaround for Apple, which in the September quarter posted losses of $161 million.