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Sales: $8.34 billion, up 12%
Profit: $1.23 billion, up 15%

Apparently, Apple didn't get the memo about the recession.

Macintosh computers and iPhones were flying off the shelves at such a rapid pace that Apple was finding it hard to keep up. The company sold 5.2 million iPhones (up 626%) and 2.4 million Macs (up 4%). Some might say it's a problem more companies would like to have in these rough economic times and it's one that Chief Operating Officer Tim Cook said would be addressed in the coming weeks.

Apple reiterated its refusal to enter the netbook market, saying it was trying to make the "best, not the most" computers. Still, to compete with the rapid rise of the cheaper laptops, Apple slashed prices on most of its computers by 10% and lowered iPhone prices as well. Revenue in the company's Mac division slumped 8% in the quarter. But Apple said its gross profit margins remained flat during the quarter.

Apple gave an outlook that fell short of analysts' expectations: revenue between $8.7 and $8.9 billion and earnings per share between $1.18 and $1.23. But Apple's guidance is traditionally conservative, and analysts hardly budged on their estimates of $9.1 billion in revenue and earnings of $1.37 per share.

NEXT: Google
Last updated July 24 2009: 4:51 PM ET
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