Apple Financial Results Gives Wall Street Reasons To Celebrate

US Tech Titan Apple's third fiscal quarter has been one of its best ever so far, even by its own conservative forecasts and witnessed a rise in profits, which shattered the USD 1 billion barrier to reach USD 1.07 billion, up from USD 818 million in 2007.

Earlier this month, figures released showed that Apple had consolidated its status as the third biggest PC manufacturers in US which accounted for a sizable fraction of the nearly 2.5 million Macs sold during this quarter, an astonishing 41 percent rise in terms of units sold and an even more incredible 43 percent in terms of revenue growth over the same period.

In comparison, iPod music devices recorded a rather tame 12 percent growth in terms of units, partly due to the fact that iPhones have dented the sales of iPods as many consumers have shunned the iConic media device for its comms-enabled cousin. But even then, this represented a whopping 11 million units sold in 3 months.

iPhones registered even more meteoric figures with 717,000 units sold compared to 270,000 year on year.

Apple exceeded Wall Street's expectations but remained downbeat with regards to the upcoming quarter which it forecasts will be more challenging, which explained why Apple's predicting a lower profit per share and sales projections.

This caused Apple's share prices to dip by nearly 11 percent after trading hours to USD 166.49.