iPhone Mania

Apple Posts Record Profits

Recession can’t stop the tech juggernaut.

It turns out those eager fans waiting in line outside Apple stores, hungry for the latest gadget to drop, equal three things: money, money, money. For its third quarter, Apple posted an extraordinary 15 percent jump in profits, even beating Wall Street’s expectations, with a jump of $1.35 a share, or $1.23 billion on its revenue of $8.34 billion. Lower-priced laptops and the extremely popular iPhone 3GS catalyzed the company’s success, even during the recession. “We're making our most innovative products ever and our customers are responding," said Apple CEO Steve Jobs. "We're thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year."