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Apple today announced earnings and revenues that far exceeded expectations—once again. As the above chart from MacRumors shows (HT: John Gruber), the biggest source of revenue gains was iPhone sales, which totaled over 37 million units in the latest quarter. And as Matt Richman notes (HT also to John Gruber):

In 2009, Apple sold more iPhones than it did in 2007 and 2008 combined. In 2010, Apple sold more iPhones than it did in 2007, 2008, and 2009 combined. Last year, Apple sold 93.1 million iPhones, slightly more than it did in in 2007, 2008, 2009, and 2010 combined. The pattern continued.

The pattern: "iPhone sales double with every new model."

Here's the history of Apple's share price, including today's after-hours gain of (only) 8%. It's amazing to me that a company that has more than doubled its revenues and its profits in the past year can trade at this morning's PE of 12, with an expected PE of only 12. Moreover, as Bloomberg notes, "per-share profit for the quarter was more than the company earned in any fiscal year before 2010." Is this the greatest American growth story ever, or what?

If you focus on the almost $100 billion that Apple now has in cash, and subtract the taxes necessary to bring the offshore portion of that money back to the U.S., Apple shares ex-cash are trading in after-hours right now for a PE of only 10.5.

Conclusion: this is a very pessimistic market.

P.S. Long-time readers will know I've been an Apple fan for more than three years.