Updated from 8:38 a.m. EDT

Apple Computer ( AAPL) reported a 30% jump in third-quarter revenue, with "staggering" iPod demand and robust Mac sales helping the company beat analyst estimates on both the top and bottom lines.

The Cupertino, Calif.-based company's Mac-based sales grew 19%, prompting at least two analysts to raise their ratings on the company Thursday despite a manufacturing glitch that will hurt upcoming back-to-school sales. Investors showed their love, recently pushing shares of Apple up $3.18, or 10.8%, to $32.76.

"The upside surprise in core Mac businesses this quarter was an important indicator, in our view. We have been waiting for signs that the anticipated 'halo effect' from Apple's retail stores and iPod would materialize," First Albany analyst Joel Wagonfeld wrote Thursday. "We have greater confidence in Apple's ability to sustain revenue growth and capitalize on operating leverage in its model."

Wagonfeld, who upgraded Apple to buy from neutral, noted that Apple's notebook business was especially robust, with 240,000 iBook shipments, which beat his forecast by more than 15%, while PowerBook shipments outstripped his estimate by 33%. iPod portable music player shipments fell under his 908,000 estimate to 860,000, but it represented a 183% increase from a year ago and a 7% jump from the previous quarter. (His firm hasn't done any banking with Apple.)

Fulcrum analyst Robert Cihra echoed that sentiment: "After eight quarters of losing share, we believe Apple finally looks like it can restart growth in its core Mac PC units, prompting us to upgrade the shares to buy from neutral," he wrote. "Apple did what we weren't sure it could do -- drive upside growth through growth of its core Mac PC units vs. relying just on the stellar iPod." (His firm hasn't done banking with Apple.)

Other analysts raised their estimates in response to the report, while acknowledging the one blemish is a delay in shipping iMacs because of a manufacturing problem with its G5 processors.

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