AppleTV To Get Investment

Thursday 22nd January 2009 - 19:22

Apple reaffirmed support for AppleTV after announcing first quarter sales of the digital media receiver were three times higher than for the same period last year.

Presenting its Q1 financial results, Peter Oppenheimer, Apple's senior vice president and chief financial officer, said they had beaten Wall Street estimates - with revenues surpassing USD $10bn for the first time in the company's history.

In the first quarter - which runs from 1 September through 31 December - revenues were up 5.94 per cent to USD $10.17bn and profits up 1.90 per cent to USD $1.61bn.

When asked about AppleTV, acting CEO Tim Cook was fairly emphatic about the device's future.

"We still consider this a hobby, however, it is clear the movie rental business has helped AppleTV and there are more and more customers who want to try it," he said.

"We fundamentally believe there is something here for us in the future. We will continue to invest in it."

Strong video sales also helped the iTunes store to a record quarter.
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