Huge Profits For Apple

Silicon Valley darling shows that not all businesses are suffering

Apple are claiming that it third quarter net profit of US$1.23 billion is down to its latest iPhone offering and sales of Mac computers.

“We’re making our most innovative products ever and our customers are responding,” Apple CEO Steve Jobs said. “We’re thrilled to have sold over 5.2 million iPhones during the quarter, and users have downloaded more than 1.5 billion applications from our App Store in its first year.”

According to its financial statement, “Quarterly revenue rose to $8.34 billion, from $7.46 billion last year.”

“We’re extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of $2.3 billion,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2009, we expect revenue in the range of about $8.7 billion to $8.9 billion and we expect diluted earnings per share in the range of about $1.18 to $1.23.”

Apple’s share price has risen 30 percent during the last quarter, probably due to the release of the new iPhone and that Jobs has had a successful liver transplant. Some might even think that it is due to a Jobless Apple surviving quite happily in a competitive market, backed by a terrible economy.