Apple's Profit Jumps 26% as iPhone Sales Boom
By Newser Editors and Wire Services
Posted Oct 21, 2008 7:30 PM CDT
An Apple customer uses an Apple iPhone at an Apple store in Palo Alto, Calif., Thursday, Oct. 16, 2008.    (Paul Sakuma)
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(Newser) – 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.