Recession-Proof Apple Beats Estimates, Posts Best Quarter Ever

It seems that Apple Inc. has remained untouched by the first wave of economic recession, as the company has posted record financial results for the final quarter of the fiscal year 2008.

Apple shares were up by a significant 5.92 percent by the end of the day but managed to grab 8.63 percent in per-market transactions which means that Apple's shares went up by a combined 14.55 percent.

The company has sold around 4.3 million iPhones, 22.7 million iPods, and 2.3 million Macs during the fourth quarter of the last fiscal, the company notified.

Thumping the ongoing recession in global economy, Apple Inc. has had a great last quarter with its revenues touched the huge $10billion mark for the first time ever.

Quarterly profits for the company rose to $1.61billion against the $1.58billion, and its revenues increased to $10.17billion from $7.9billion as registered last year for the same period.

While Macbook sales have been impressive with registering a growth of nine percent on year-on-year basis, its desktop sales have declined considerably 25 percent.

Quoting these impressive figures for the fourth quarter, Apple’s CEO Steve Jobs, said in a statement, “Even in these economically challenging times, we are incredibly pleased to report our best quarterly revenue and earnings in Apple history”.

Incidentally, it has been noted that fourth quarter has always been most lucrative for Apple, owing to its huge benefits from Christmas sales; however, the company has forecasted a challenging first quarter for this year and predicted revenues in the range of $7.6billion to $8billion.

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Our Comments

Hats off to Apple. They have proved to be a thick-skinned company capable of displaying incredible resilience. It is interesting to see that revenues did not head south and while profits did not improve significantly, the revenue disclosure comes against the backdrop of a recession-battered worldwide economy.

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