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.

Job losses in U.S. are softening. Nonfarm payrolls slid 345,000 in May, the U.S. Labor Department said today, well below the 525,000 decline economists in a Dow Jones Newswires survey had expected. This is the smallest drop since September 2008. Unemployment rate is increased by 0.5% to 9.4%. Still, declining job loss is the good sign for recovery.

Steve Jobs is coming back to Apple Inc according to Wall Street Journal. This news sent Apple shares higher today. When Steve Jobs left Apple on sick leave, Apple shareholders were anxious about the company’s performance. Luckily, Apple is doing great in spite of Steve Jobs’s absence.

Declining unemployment is the key to the recovery of economy. It’s slowly happening. Let us hope that this momentum stays in place for many months to come.