Apple Computer posts profit

Apple Computer posted a $47 million profit during its first fiscal quarter, ending a string of devastating financial quarters. In the same quarter a year earlier, the company lost $120 million. Though Apple's sales fell from $2.1 billion to $1.6 billion, the company's expenses have dropped dramatically in the past year.

"The December quarter results reflect the benefits of the disciplined focus that Apple has undertaken in recent months," said interim CEO Steve Jobs. "We've concentrated on providing the powerful products our customers want at competitive prices, and we continue to streamline our business and work with industry partners to facilitate this focus. Returning Apple to sustainable profitability is the Company's number one objective for fiscal 1998, and we believe we're making great progress toward that goal."

The company said that its financial results were aided by stronger than expected sales of G3 Power Macintosh computers; it shipped over 130,000 units of the new machines in the first quarter

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