Apple announced earnings yesterday after-hours and blows past estimates. Apple sold 7.4 million iPhones in the quarter ended Sept. 26, up 7% from a year ago and 41% more than the previous quarter. Apple also sold 3.1 million Macintosh computers in the quarter, up 17% from a year earlier, as it continued to gain ground on Windows-based machines. Wall Street Journal reports that Apple’s earnings results exceeded even the most optimistic expectations.

Apple reported a fiscal fourth-quarter profit of $1.67 billion, or $1.82 a share, compared with $1.14 billion, or $1.26 a share, a year earlier. Its gross profit margin rose to 36.6% from 34.7% a year ago. Revenue increased 24% to $9.87 billion from $7.9 billion a year earlier.

When I wrote about Apple on September 16th, the stock was at $182. Now, it rammed thru $200 level. I believe that Apple will gain even more in the coming holiday season. Tim Cook, COO of Apple, did a fantastic job even when Apple’s iconic CEO Steve Jobs was out ill. There were doubts of Apple’s survival without Steve Jobs. Tim Cook proved that Apple can not only survive but also kill the competition with or without Steve Jobs. Thank you Tim!

Related Link: Sweet Apple | Apple’s Insanely Great Quarter

Disclaimer: I own Apple shares, options, iPhone, iPod Touch and anything that has the name “Apple” on it.

It’s a difficult time for everyone especially for the companies that seek funding. If you run a startup and can survive with self-funding for six more months, it’s better not to seek funding from Venture Capitalists (VC) now.

For the first time since 1978, no VC-backed companies conducted an initial public offering this past quarter, according to PricewaterhouseCoopers, and the time it takes to exit an investment has doubled from 10 years ago. As a result, VCs are more cautious about where their money is going and companies looking for some seed or expansion funding might have to work a bit harder to get it.

It’s not only going to be harder, you need to give up more equity stake to VCs to get the required funding. There are some areas like iPhone app development still attract the VCs Silicon Valley. For everyone else, it’s a tough world out there.