Mainly due to huge sales for the iPhone, Apple profits are up 26% in the fourth quarter. Take that, tanking economy!
Apple said that profits for the fourth quarter were $1.14 billion, or $1.26 a share, where forecasts for the company predicted $1.11. Apple revenue rose by 27 percent to $7.9 billion.
It's not all rosy over at the House of Jobs, though: Forecasts for next quarter are that stock should rise between $1.06 to $1.35 a share. Outside analysts had forecasted a bump of $1.66-a share.
Summing up all of this, Apple's Steve Jobs said, “We don't yet know how this economic downturn will affect Apple...But we're armed with the strongest product line in our history.”