Apple Loses Money but Grows Revenue

Apple loses $8 million in Q1, while revenue jumps 7 percent.

Apple Computer Inc. lost $8 million in the first fiscal quarter of 2003 even as it saw revenue grow to $1.47 billion, a 7 percent jump from the same period last year.

During the first quarter of 2002, the Cupertino, Calif., company had a profit of $38 million, Apple officials announced on Wednesday.

CEO Steve Jobs said Apple is going to continue pressing despite the weak economy, which has hit the high-tech industry hard.

"We have a very strong new product pipeline for 2003, which we kicked off by introducing the two most advanced notebook computers in the industry last week at Macworld," Jobs said in a prepared statement. "Were going to keep investing through this downturn and continue to move our products and distribution channels ever further ahead of our competitors, so that when the economy rebounds we will be positioned for growth."

At the show in San Francisco, Apple unveiled 17- and 12-inch versions of its professional PowerBook laptop, as well as a new Apple-developed Web browser and new consumer multimedia applications.