Apple reported its third quarter results.

The Company posted quarterly revenue of $37.4 billion and quarterly net profit of $7.7 billion, or $1.28 per diluted share. These results compare to revenue of $35.3 billion and net profit of $6.9 billion, or $1.07 per diluted share, in the year-ago quarter.

So much for the predicted doom and gloom:

Trip Chowdhry, Global Equities: Quick Take. “We are skeptical about the timing of the deal, which makes us wonder if IBM, and may be even AAPL are going to miss their revenue expectations.

As several sites pointed out, Apple spent noticeably more in research and development, leading to speculations that new product lines are being worked on.