Apple Reports Record Quarterly Earnings Boosted By iPhone, Mac Sales

Apple Shares iPad Stock Market iPhone - H 2011
Peter Macdiarmid/Getty Images

Apple Shares iPad Stock Market iPhone - H 2011

The giant technology firm makes up for falling sales of iPods by posting massive growth in iPhones and iPads.

In Apple's first quarterly financial report since the death of its iconic co-founder Steve Jobs in October, the technology-media behemoth said Tuesday that earnings surged 118 percent in large part due to the popularity of its newest mobile devices.

Apple said quarterly revenue and profit were the best in its history.

Apple said it earned $13.1 billion in its first fiscal quarter as revenue climbed 73 percent to $46.3 billion. On a per-share basis, the company crushed estimates of $10.08 by bringing in $13.87.

Shares of Apple fell 2 percent during the regular session to $420.41 but shot up so fast after the closing bell that trading was briefly halted. When trading resumed, the stock settled in at slightly less than an 8 percent gain during the after-hours session.

The company sold 37 million iPhones during the quarter, up 128 percent from a year ago. It sold 15.4 million iPads, up 111 percent; 5.2 million Mac computers, up 26 percent; and 15.4 million iPods, a 21 percent decline from a year ago.

The iTunes Store posted sales of $1.7 billion during the quarter, and the company said its music catalog has surpassed 20 million different songs.

As Jobs did before him, Apple CEO Tim Cook referred to Apple TV, a gadget for moving iTunes content to TV screens, as a hobby. The company sold a record 1.4 million units during the quarter and about 2.8 million of them during the last fiscal year.

"Our Apple TV product is doing quite well," said Cook. "But, in the scheme of things, we still classify Apple TV as a hobby."

Apple continues to "add things to it," Cook said. "I can't live without it. Other than that, no comment."