iPhone Sales Drive Apple Net Up 26%

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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 just reported one of the best quarters in its history, with a spectacular performance by the iPhone — we sold more phones than [Research In Motion, maker of the BlackBerry],” said Steve Jobs, Apple’s CEO. “We don’t yet know how this economic downturn will affect Apple. But we’re armed with the strongest product line in our history, the most talented employees and the best customers in our industry. And $25 billion of cash safely in the bank with zero debt.”

"If this isn't stunning, I don't know what is," Jobs added, in an earnings conference call with analysts and the press.

With the iPhone outpacing BlackBerry sales for the first time, Apple claimed to be the No. 3 cellular phone supplier by revenue.


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