Sales of the new iPad helped Apple's line during its fiscal third quarter. The company reported Wednesday that revenue for the three-month period ended June 30 grew 22 percent over last year while profits rose 20.5 percent.

Apple's sales hit $35 billion for the third quarter of 2012, up from $28.6 billion last year while profits rose to $8.8 billion from $7.3 billion. Earnings for the quarter were $9.32 a share, up 20 percent from last year. Reported earnings topped Apple's forecast, but fell short of Wall Street expectations of $10.35 per share on projected revenue of $37 billion.

We'll have more detail on Apple's third-quarter performance later today. Apple is hosting a conference call with Wall Street analysts to go over the numbers; you can follow the live coverage on Macworld.com.