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Apple's profits surge by 26%
22.10.08
Apple has had a surprise 26% surge in fourth-quarter profit but its shares could fall today, after it warned of slowing sales in the past month as the credit crunch bites.
Apple's iPhone is beginning to deliver on its promise with sales up 600% in the quarter, a performance that founder and chief executive Steve Jobs called "remarkable".
Net profit was $1.14 billion (£690.1 million), up from $904 million a year ago, with revenue up 27% to $7.9 billion.
Booming sales of the iPhone now makes Apple the third-largest mobile phone supplier by revenue behind Nokia and Samsung Electronics.
Mac PC shipments rose 21% from last year to 2.61 million, while iPod shipments rose 8% to 11.05 million. Apple sold 6.9 million iPhones.
It says future months will be tough but it is in a good position to weather the storm.
"We have almost $25 billion safely in the bank and zero debt. This provides us tremendous stability and the ability to invest our way through this downturn," Jobs said.
