As Apple yesterday posted their latest quarterly earnings, impressing the market with increased earnings ahead of expectations, much thanks to sales of the popular 2nd generation iPod Touch more than doubling in the last month. Combined with strong iPhone sales, the quarterly earnings came in at $1.33 per share compared to $1.16 per share in 2008.

With net income of $1.2 billion for the last quarter ending 28th March Apple surprised the market that were expecting earnings at about $1.09 per share.

The iPod Touch which once was considered an overpriced niche product has now grown into a product that in the last quarter almost equalled the sales of the iPhone, much thanks to the introduction of the application store and the many games you can now get for the iPod Touch, turning it from a fancy touchscreen iPod into a portable gaming platform contender, described by Apple as the “funnest iPod ever“.

Whilst analysts were expecting about 9.8 million iPod’s sold, Apple delivered iPod sales of over 11 million for the quarter, which together with above estimated iPhone sales of 3.8 million units lifted the overall earnings for the quarter.

With the many rumors of next generation iPhone coming out this summer together with the new iPhone OS 3.0, and that there might be a 3rd generation iPod Touch later this year, the interest in Apple and their products seem to go from strenght to strength. Perhaps it is still not too late to make a good investment in some Apple shares.

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