Karabell for TIME: Apple Does it Again

July 21st, 2011

TIME Magazine

Apple Does it Again: Why Companies Win While Economies Lose

By Zachary Karabell | @zacharykarabell
July 21, 2011
Scott Olson / Getty Images

Scott Olson / Getty Images

As Washington continues to skate perilously close to the economic abyss, 3,000 miles away in Cupertino, California, this week Apple released its results for the second quarter. To no one’s surprise but to almost universal amazement, Apple managed to sell more iPads (9.3 million) and iPhones (20.3 million) than ever before. Quarterly revenues of $28 billion were up more than 80% from last year, and profits were up 125%.

And it isn’t just Apple that is thriving. IBM this week also surprised Wall Street analysts with the strength of their business, much of which comes from other large companies operating globally looking to streamline their operations with the software and analytics that IBM provides. Even American Express, which is more tied to domestic finances, has reported strong revenues and profits, with $7.5 billion in sales last quarter.

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