Financial blog, Bullish Cross released a report predicting Apple could beat its Q1 2009 expectations by $1.2 billion. This comes as a surprise since most analysts predict Apple will post $10.08 billion in revenue during its first fiscal quarter of 2009. With a looming worldwide recession, analysts are still skeptical of holiday spending.

While the iPhone is still gaining momentum, it isn't considered because its revenue is technically unrecognized under GAAP accounting rules.

Even if iPod sales shrink dramatically and Mac sales hit even, Bullish Cross still believes Apple will surpass its expectations by almost $500 million.