Apple Takes a Bite Out of Wall Street

iPhone maker beats analysts' expectations

In case there were any doubts, Apple is officially not dependent on the iPod. The iPhone is another story.

Apple said on Tuesday its profit jumped 15 percent in the most recent quarter despite the economic crisis, as sales of iPhones topped 5 million. But the Silicon Valley giant sold 7 percent fewer iPods than their previous report.
Apple earnings rose to $1.23 billion, or $1.35 per share. Apple's profit was $1.07 billion, or $1.19 per share last year. Sales increased 12 percent to $8.33 billion.

Apple beat Wall Street's forecast on both counts. Analysts were expecting Apple to earn $1.17 per share on $8.20 billion in revenue, according to a Thomson Reuters survey.

Apple says iPhone unit sales increased more than sevenfold to 5.2 million, and the company sold 4 percent more Mac computers than in the same period last year.

Copyright AP - Associated Press
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