Economic downturn? Not if you're Steve Jobs there isn't. Apple has just posted a 90 per cent rise in profits for the first three months of 2010, largely driven by sales of the iPhone.
What makes the results even more remarkable is that they cover the period before the much-hyped iPad went on sale.
Net profits for the period to March 27th were $3.1bn (£2bn) while revenue rose 40 per cent to $13.5bn.
Apple says it sold around nine million iPhones in the first quarter, more than double the figure from the previous year. It also shipped more than three million Macs and about ten million iPods.
Apple chief executive Steve Jobs says the results are "our best non-holiday quarter ever".
More after the break
The profits were well ahead of market expectations, and sent its share six per cent higher. The company is expected to launch the iPhone 4G this summer.