iTunes Music Store Shows a Profit
TMO Reports - iTunes Music Store Shows a Profit
by , 6:15 PM EDT, October 11th, 2005
Apple reported that the iTunes Music Store turned a profit in the fourth quarter of 2005, during its quarterly financial statement Tuesday. Customers are purchasing over 1.8 million songs per day, and the iTunes Music Store controls over 80 percent of the U.S. digital music market.
Apple's strong position in the digital music market is good news for the iPod, too, since that helps drive up iPod sales. An Apple representative stated "We believe that selling music helps us to sell iPods, and we are very focused on that."
Other sales from the Music Store and iPod related services and accessories rose as well, up 170 percent year over year.
Apple's stock is down in after hours trading, despite strong earnings this quarter. The stock is currently at 46.16, down 5.43 (10.53%).
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