Apple reports $1.67 billion quarterly profit on record sales

Apple enjoyed its most profitable quarter ever, as the company set sales marks for both Mac and iPhone sales. The company announced earnings for its fiscal fourth quarter on Monday.

For the quarter ending September 30, Apple reported a net profit of $1.67 billion, or $1.82 per share, on revenue of $9.87 billion. Those numbers blew away analysts' earnings and revenue estimates of $1.42 a share and $9.2 billion in sales, respectively.

Comparing those numbers to , quarterly profit rose 46 percent, while earnings per share jumped 44 percent. Revenue increased 25 percent from the September 2008 quarter. At the end of the corner, the company had $34 billion of cash on hand.

For the full 2009 fiscal year, Apple's revenue rose 12 percent while its income increased 18 percent from 2008, according to chief financial officer Peter Oppenheimer. Those increases come during what the Apple executive called "extraordinary challenging times" which have done little to slow the company's growth.

"We are thrilled to have sold more Macs and iPhones than in any previous quarter," said Apple CEO Steve Jobs in a statement accompanying the earnings announcement. "We've got a very strong lineup for the holiday season and some really great new products in the pipeline for 2010."

For the December quarter, Apple told analysts to expect between $11.3 and $11.6 billion in sales and earnings ranging from $1.70 to $1.78 per share. That guidance was given without accounting for a . Apple was uncertain when it would adopt the new accounting method, which was OK'd by the Financial Accounting Standards Board last month.