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iPhone Sales Skyrocket Apple Financials

21 Oct, 2008 By: Erik Gruenwedel

Apple said sales of 6.9 million iPhone 3G units helped it post fourth quarter (ended Sept. 27) profit of $1.1 billion, up 26% from net income of $904 million during the previous-year period.

Revenue increased 27%, to $7.9 billion, from $6.2 billion last year.

The Cupertino, Calif.-based personal computer manufacturer and media distributor said since the launch of the iPhone 3G July 11, the device has already outsold both the original iPhone and BlackBerry’s Smart Phone by 800,000 units, respectively.

Apple said it had already exceeded 2008 sales goal of 10 million iPhones with more than two months remaining. The unit now represents 39% of Apple’s total business.

The company also sold 2.6 million Macs and 11.1 million iPods, the latter a record for a non-holiday period.

Apple said iTunes Music Store sales for the quarter were driven by strong sales of music, video and third-party iPhone applications.

The company reiterated previous reports that it has sold more than 200 million TV episode downloads, including more than 1 million in high-definition. It is now offering primetime programming from the four major networks in HD.

Jobs said he expects holiday sales of PCs to decline given the economy. But with $25 billion in cash and zero debt, Jobs said the company may be “buffeted around by the waves a little bit, but we’ll be fine and stronger than ever when the waters calm in the future.”

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