Apple meets Wall Street expectations

Apple Computer's first-quarter profit was in line with Wall Street expectations.

For the three months to December 29, the company reported a net income of $38m, or 11 cents per share.

That precisely matched analysts' expectations, according to a survey by Thomson Financial/First Call.

The figures compare with a loss of $195m, or 58 cents a share, last time.

Apple said its latest results included a $24m restructuring charge, and a $23m gain from equity investments. It said these one-off items did not affect its earnings per share.

The company said it expected second-quarter revenues to be up sequentially to about $1.5bn.

But it warned that earnings per share were likely to remain at first quarter levels because of one-time costs associated with the production of new hardware and software.

The company has continued to press ahead with new product launches and upgrades, despite the ongoing economic recession.

Last week, it introduced a revamped version of its iMac home computer; new models for its iBook line of laptops; and a new photo management application called iPhoto.

Last year, the company introduced Mac OS X, an overhauled operating system, new laptops, and the iPod, a portable audio player and Apple's first foray in consumer electronics.