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Apple Posts Huge Profits

sjohnson
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Posted October 22, 2008 - By Stephen Johnson

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.”

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Apple Posts Huge Profits
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