Apple’s quarterly results get iPhone boost

Apple has posted a 26% year-on-year rise in quarterly profits, boosted by sales of its iPhone . Despite...

Apple has posted a 26% year-on-year rise in quarterly profits, boosted by sales of its iPhone.

Despite this the firm has warned that its Christmas figures may miss high market expectations, as a result of the developing global recession.

In the three months ended 27 September, Apple made a net profit of £683m.

Apple says sales of the latest model of the iPhone reached 6.9 million during the quarter.

But for the three month's ending 31 December, Apple warned it may not match sales expectations on Wall Street, which has a £7bn sales target for the firm.

Apple was also slightly under analysts' sales targets for the quarter just posted.

Apple said it was not certain how it may be affected by any economic slowdown, but Apple CEO Steve Jobs was his usual bullish self.

"Apple just reported one of the best quarters in its history, with a spectacular performance by the iPhone - we sold more phones than RIM [the Blackberry Storm maker]," said Jobs.

"We do not yet know how this economic downturn will affect Apple, but we are armed with the strongest product line in our history, the most talented employees and the best customers in our industry, along with £15bn of cash safely in the bank with zero debt," beamed Jobs.

At the Blackberry Developers Conference in Santa Clara this week, RIM said it held 54% of the US smartphone market at the second quarter point of the year, with Apple's iPhone only holding 7%.

That position may soon change however, if iPhone sales continue to pile up.

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