To that end, the Apple CEO expressed confidence in his company's ability to weather a brutal economy. Jobs noted that Apple's customers are extremely loyally, opting to delay purchases rather than go with a different, less expensive brand. The company also enjoys the opportunity to significantly increase market share in both the computing and phone markets with only modest gains in customers. Jobs also praised Apple's current product line and its employees and cited the large amount of cash Apple has available.

"We don't yet know how this economic downturn will affect Apple," said Jobs. "But we're armed with the strongest product line in our history, the most talented employees and the best customers in our industry. And $25 billion of cash safely in the bank with zero debt."

Apple stock closed down $6.95 or 7.06 percent at $91.49. However, the stock has rebounded in after hours trading to $93.32, up $1.83 or 2 percent.