Apple Inc.’s financial report for the first quarter of the current fiscal year easily topped Wall Street analysts’ expectation despite the unfavorable economic situation. The higher-than-expected growth was mainly driven by strong sales of iPhones and iPods, a fact that showed that the popularity of the company paid off despite the spicy prices it practices and the tough economic times. 

 

In the first quarter without Steve Jobs at the helm, at least not officially, Apple’s net profit rose to $1.21 billion or $1.33 a share, compared to $1.05 billion, or $1.16 a share, a year ago. The numbers are considerably higher that the predictions of Wall Street analysts who were expecting the Cupertino-based company to earn about $1.09 a share, according to Reuters Estimates.

 

Apple’s revenue was up 8.7 percent to $8.16 billion in the fiscal second quarter ended March 28. “I think in a better economy our sales certainly would have been higher but ... we have just reported the best non-holiday quarter in Apple's history despite the economy that we find ourselves in," said Apple’s Chief Financial Officer Peter Oppenheimer in a telephone interview with Reuters reporters. 

 

Mr. Oppenheimer also hinted that Apple’s legendary CEO, Steve Jobs, is expected to return. Mr. Jobs has taken a medical leave due to some medical issues. 

 

Ignoring analysis’ advises to be conservative given the fact that the economic recession will last for who knows when, Apple said it expects its third-quarter earning to be of 95 cents to $1.00 a share on revenue of $7.7 billion to $7.9 billion.