Some fear that Apple may be more susceptible to an economic downturn because it charges premium prices for its products. But Jobs said the company has no interest in going down-market, and he scoffed at so-called netbooks, which are stripped-down, budget laptops.

"There are some customers which we choose not to serve. We don't know how to make a $500 computer that's not a piece of junk," he said.

Jobs also gave clues to the company's approach as it enters what may be an extended period of economic uncertainty.

"We have almost $25 billion safely in the bank and zero debt. This provides us tremendous stability and the ability to invest our way through this downturn. This is what we did during the last downturn."

Shares of Cupertino, California-based Apple closed the regular session down $6.95, or 7.06 per cent, at $91.49. In extended trading, the stock rose to $103.61.