Apple's chief financial officer Fred Anderson pressed home the innovation at the heart of Apple's strategy during a speech at Lehman Brothers Semiconductor and Computer conference yesterday.

With its market lead on competing music download services and its leading music product, the iPod, Anderson explained: "Many who experience buying songs from iTunes will go on and buy an iPod and maybe they will buy a Mac when they think about buying a second or third computer for the home."

The company is emerging from the IT slump with new products for music fans, consumers and small business and is enjoying "accelerated growth" as a result, he claimed.

Describing this as justification for Apple's extensive investments in research and development, Anderson said: "Apple is an innovator", saying that to maintain this status during the downturn the company maintained its R&D investment.

He discussed Apple's improved sales, its continued investment in retail stores ("we believe you have to control the sale") and better conditions in Apple's key creative markets.

Anderson's presentation is available as an audio webcast from Apple's Web site in Real Audio and Windows Media formats. The presentation slides are also available for view.