Apple defies economic recession with record breaking profits

  • Apple continued to defy the global economic recession by posting record breaking profits for its fiscal 2010 fourth quarter.

    To be sure, the Cupertino-based company raked in a staggering $20.34 billion worth of revenue, while netting a tidy quarterly profit of $4.31 billion, or $4.64 per diluted share.

    "We are blown away to report over $20 billion in revenue and over $4 billion in after-tax earnings - both all-time records for [us]," said Apple CEO Steve Jobs.

    "iPhone sales of 14.1 million were up 91 percent year-over-year, handily beating the 12.1 million phones RIM sold in their most recent quarter.

    "[Of course], we still have a few surprises left for the remainder of this calendar year."

    Jobs also confirmed that Apple sold 3.89 million Macs, which represented an impressive 27 percent unit increase over the year-ago quarter. 

    In addition, the company shipped 14.1 million iPhones, 9.05 million iPods and 4.19 million iPads.