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iPhone Sales Drive Apple Net Up 26%

10/27/2008 02:00:00 AM Eastern

CUPERTINO, CALIF. —Apple rode the sales of almost 7 million iPhones in the fiscal fourth quarter to a 26 percent increase in profit.

The company reported net income for the quarter of $1.14 billion, up from $904 million in the year-ago period. Revenue increased to $7.9 billion from $6.2 billion.

Sales were up across the board for Apple, which cited PC sales of 2.6 million units, up 21 percent, as well as 11 million iPods, an 8 percent increase. Apple sold 6.9 million iPhones in the quarter, up from 1.1 million a year ago, spurred by the release of the iPhone 3G.

Apple claimed to be the No. 3 cellular phone supplier by revenue.

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