Apple posts record revenues, sees profits jump 82% in Q3

The good times kept rolling at Apple (NASDAQ:AAPL), with the company Tuesday announcing it posted record revenues in its third quarter and showed better performances for product sales across the board.

The company said revenues topped $28.57 billion, up more than 81 percent from a year ago, and recorded a profit of $7.31 billion, or $7.79 a share, more than double its profit in the same quarter last year.

"We're thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Apple CEO Steve Jobs in a statement. "Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall."

Apple said it sold 20.34 million iPhones during the quarter, a 142 percent bump from the same quarter last year. Apple said expansion into China, Latin America and the Middle East was the driving force.

The company sold 9.25 million iPads during the quarter, the first full quarter the iPad 2 was available.

COO Tim Cook, in a Q&A with analysts, also said its Apple TV was doing well, but he cautioned against placing too much emphasis on the device.

"Apple TV continues to do well, but I don't want to mislead," Cook said. "We still call it a hobby here. We do that because we don't want anyone to conclude that it's another leg of the stool. It's just not in the same market as the iPhone, iPad or iPod. Our customers love the product. We got it right when we went to the new Apple TV in the fall, but it's still in the hobby status. [However,] we continue to invest in it because we think there's value there."

For more:
- see this release
- see this call transcript from Morningstar
- see this L.A. Times article

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