Some months back, there were questions about how Apple would weather the recession–after all, belts were getting tight, doom and gloom were predicted, netbooks were offering great deals, and Apple was this company selling expensive toys at ridiculous profit margins. Surprisingly, not as many people predicted Apple’s downfall–a break from the historical norm, in which Apple’s demise was foretold every other Tuesday. While some predicted that Apple would have to slash prices to get by, most were fairly confident that it would survive.

And survive it has. The Street predicted Apple would report a $1.17 earnings per share this quarter, with the more radical fringe predicting up to $1.27 or even $1.35. The report is out–Apple earned $1.35 per share, with revenue of $8.2 billion. Its shares, already up $15 over the past two weeks, jumped almost $7 in after-market trading.

In short, Apple is doing just fine, thank you. Impressively, in fact, as if there were not a recession. iPod sales are down slightly, but that is compensated for by strong iPhone sales, so much that Apple is having difficulty meeting supply. Apple alone is reported to be raking in as much as 20% of the cell phone industry’s operating profits, with the iPhone quickly becoming the standard everyone else wants to emulate.

When Apple hit $80 in January, people were wary of buying in–but now, in hindsight, it seems like it was a golden opportunity to buy. Already its share price has doubled since then. And Apple is fully expected to announce a breakthrough product in the next few months–a 9-10“ touch-screen tablet which could break new ground like the iPhone did. Apple is very likely on the path to the $200 mark it reached before the financial crisis dragged it down–and just as likely beyond.

[Note in the interest of full disclosure: I own Apple stock. Surprise!]