Apple reported that it has had its best quarter ever. Profits are up a whopping 47%. Sales of MacBooks for the back to school crowd and iPhones have been brisk.
Its earnings of $1.67 billion far exceeded analysts' expectations and were another sign that the technology sector might be a bellwether for a larger recovery. Apple's results followed others in recent weeks that have beaten Wall Street's forecasts, including Google Inc. reporting Friday that its quarterly profit jumped 27%.
"We are thrilled with these results," Apple Chief Financial Officer Peter Oppenheimer said during a conference call with analysts, "particularly given the economic environment around us."
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Not everything Apple touches has turned to gold, however. Sales of its iPod music players fell 8% to 10.2 million units during the quarter. Apple tried to add sizzle to iPod sales Sept. 9, introducing video recording capability to its Nano model and lowering the price of its high-end iPod Touch to $199 for the 8-gigabyte model.
Sales of the iPod Touch, which has many of the same functionalities as the iPhone, grew 100% compared with the year-earlier quarter, Oppenheimer said.
Some analysts are hoping that the tech sector will help lead the country out of the recession, but economists generally agree that until substantial numbers of new jobs are created, American consumers will continue to cut back on non-essential spending.
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