iPhone 3G drives solid returns for Apple

Executives remain optimistic despite economic downturn

Apple sold 11 million iPods during the quarter, an 8% growth over the same quarter a year ago. iTunes and retail store sales also were up.

Apple reported its results using non-Generally Accepted Accounting Principles. The alternate accounting approach is designed to eliminate the impact of ongoing subscription sales for the iPhone and Apple TV. Using non-GAAP techniques, Apple reported US$11.7 billion in adjusted sales and US$2.4 billion in adjusted net income.

Like other US technology firms, Apple gave conservative projections for the next quarter. Revenue could come in at US$9 billion to US$10 billion, and earnings per share could be US$1.06 to US$1.35, it said.

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