What Recession? Apple’s Profits Jump 15 Percent

Apple is defying the downturn by reporting an increase in profits for the first quarter of 15% over last year.

If laughter is the best medicine, Steve Jobs must be feeling a lot better now. He’s officially on medical leave from Apple, of course, but he has to be happy at the first quarter figures for his company, reported yesterday.

The rest of the world might be in a recession, but Apple posted net profits of $1.21 billion for the first quarter of 2009, up 15% over the $1.05 figure for the same time last year, while sales rose 8.7% to $8.16 billion.

The iPhone continues to be the backbone of the money tree, with sales more than double the same period in 2008, and iPod sales were also up. However, fewer Macs were sold.

Apple’s shares went 2.5% higher in after-hours trading.