iPhone Boosts Apple's Profits

Apple Inc. reports that it sold nearly 7 million iPhones in the most recent quarter. The success of its latest product helped boost overall profits 26 percent. But it's not just the iPhone that's boosting Apple's fortunes.

The company also sold record numbers of Macintosh computers and iPods. CEO Steve Jobs cited customer loyalty as key to helping the company ride out the economic downturn. He says if Apple fans are pinched for cash, they're more likely to put off buying a new Mac rather than defect to a less expensive brand of computer.

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