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Apple profit rockets with iPhone and iPad sales

Rakes in the cash but iPod sales dive

Apple has announced its first quarter financials including a 94 percent net profit increase.

The firm posted revenue of $39.2bn in the first quarter of 2012 with a net profit of $11.6bn. This is a big jump compared with the $24.7bn revenue and $6bn net profit seen in the same quarter of last year.

Behind the impressive profits were strong sales of the iPhone and iPad with 35.1 million and 11.8 million sold, respectively. Sales of the iPhone grew 88 percent and a whopping 151 percent for the iPad.

Apple said it improved its gross margin from 41.4 percent of last year to 47.4 percent this year. International sales accounted for a total of 64 percent of the first quarter revenue.

Tim Cook, CEO of Apple said: "We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter."

"The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.

Apple sold 4 million Macs during the quarter representing a seven percent increase from the previous year. However, the iconic iPod saw a large drop of 15 percent decline with only 7.7 million sold.

Peter Oppenheimer, Apple’s CFO. "Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68."

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