Apple beats expectations with record earnings

SAN FRANCISCO: Apple on Wednesday reported it finished 2008 with record quarterly profit of 1.61 billion dollars, with iPod sales hitting an all-time high.

The iconic California company posted revenue of $10.17 billion in the three months ending December 27, 2008 and declared quarterly earnings of $1.78 per share.

Analysts had forecast Apple earnings of 1.29 dollars per share for the quarter.

The results topped the profit of $1.58 billion, or $ 1.76 per share, seen by the firm in the same quarter a year earlier.

"Even in these economically challenging times, we are incredibly pleased to report our best quarterly revenue and earnings in Apple history, surpassing $10 billion in quarterly revenue for the first time ever," Apple chief executive Steve Jobs said in a written release.

Apple reported selling 2.52 million Macintosh computers during the quarter, representing nine percent growth over the year-ago quarter.

Apple said it sold a record 22.73 million iPods during the quarter, representing three percent unit growth over the year-ago quarter.

Quarterly iPhone units sold were 4.36 million, representing an 88 per cent jump from sales in that quarter of 2007.