Strong iPhone sales boost Apple's profit

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"The overall takeaway is that Apple continues to execute in this tough environment," said Kaufman Bros analyst Shaw Wu.

"They do the hardware, software and service, and that really allows them to have a leg up against competitors."

Investors have pushed Apple's stock about 75 per cent higher this year, well ahead of other big technology issues.

Conservative outlook

Apple issued a typically conservative outlook for the current quarter, forecasting earnings of $1.18 to $1.23 a share on revenue of $8.7 billion to $8.9 billion.

While that was below the average analyst estimate of $1.30 in earnings per share and $9.1 billion in revenue for the fiscal fourth quarter, it had little impact on investors.

Revenue rose 12 per cent to $8.3 billion in the June quarter, versus analysts' average estimate of $8.2 billion.

Cash and marketable securities totaled more than $31 billion, one of the biggest cash hoards in all of technology.

Chief executive Steve Jobs did not make an appearance on the company's conference call, despite rumors that he might. Jobs recently returned from a nearly six-month medical leave, where he underwent an a liver transplant.

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