The good news continues, with Apple reporting late last week that they posted record revenues and unit shipments for the fourth fiscal quarter. Apple’s revenue for the quarter was $2.14 billion, a 21 percent increase from the same quarter last year. Of course, revenues don’t mean much if expenses were equally high, and although not impressive, Apple turned back to profitable ways, with a net income of $2.7 million, somewhat less than the $97.6 million the company made the same quarter last year. Needless to say, earning $2.7 million is better than losing hundreds of millions, as had happened earlier this year (although the net income for the year was $86 million). Apple attributes the decline in net income to the fact that gross margins declined from 42.7 percent of sales to 25.7 percent of sales.
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