Apple Quarterly Profits Jump by 50% Amidst Recession
While businesses are feeling the pains of recession, Apple is taking it by storm.
The company reported another blowout quarter, as net income soared to $3.38bn or $3.67 a share, from $2.26bn or $2.50 a year earlier, well above Wall Street estimates.
Apple has products that people want, at a time when they want it, and Apple is definitely enjoying it. Ultimately when it comes to convenience or money it seems that convenience wins. The Apple iPhone being a tool that allows a great deal of convenience through the variety of applications that run on the GPS powered smart phone.
The recession has actually helped Apple quite a bit.
I would allege that consumers are more conditioned to buy something widely adopted and used rather than to risk wasting their money on cheaper smart phones that they may end up being disappointed with. In this case momentum wins.
Likewise, I would suspect that investors are less likely to risk their cherished funds on startup competitors to the iPhone at a time when money is so tight.
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