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Apple's Profit Jumps 26% as iPhone Sales Boom

By the Associated Press

Posted Oct 21, 2008 7:30 PM CDT
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(AP) – Apple Inc. said its profit jumped 26% in its fiscal fourth quarter as the newest iPhone outsold the market-leading BlackBerry. Despite the blockbuster performance, which sent Apple's shares soaring in after-hours trading, the company issued what it called "prudent" predictions for the current quarter because of broader economic uncertainty.

For the three months ended Sept. 27, Apple's profit climbed to $1.14 billion, or $1.26 per share, from $904 million, or $1.01 per share, in the same period last year. Sales jumped 27 percent to $7.9 billion from $6.22 billion in the year-ago quarter. Apple's profit topped Wall Street's expectations, but sales missed. Apple sold 6.9 million iPhone 3Gs in the quarter, while Blackberry sold 6.1 million units.

An Apple customer uses an Apple iPhone at an Apple store in Palo Alto, Calif., Thursday, Oct. 16, 2008.
An Apple customer uses an Apple iPhone at an Apple store in Palo Alto, Calif., Thursday, Oct. 16, 2008.   (Paul Sakuma)
Apple CEO Steve Jobs gestures during a product announcement in San Francisco, Tuesday, Sept. 9, 2008.
Apple CEO Steve Jobs gestures during a product announcement in San Francisco, Tuesday, Sept. 9, 2008.   (AP Photo/Paul Sakuma)
The new Apple iPhone 3G up close in New York's Apple Store, Friday July 11, 2008.
The new Apple iPhone 3G up close in New York's Apple Store, Friday July 11, 2008.   (AP Photo/Ed Ou)
An Apple customer uses an iPod Nano at an Apple store in Palo Alto, Calif., Thursday, Oct. 16, 2008.
An Apple customer uses an iPod Nano at an Apple store in Palo Alto, Calif., Thursday, Oct. 16, 2008.   (Paul Sakuma)
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Steve Jobs • iPhone • Apple • earnings reports

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