Apple reports massive Q1, sets record for revenue, iPad and iPhone sales

In a word, amazing. Apple (Nasdaq: AAPL) Tuesday released first quarter results that--for the moment--put to rest worries regarding the company's future after news Monday that co-founder and CEO Steve Jobs was taking another indefinite medical leave of absence, his third since 2004.

The company reported record revenues and earnings, "phenomenal" holiday sales of its iPad, iPhones and computers, and said all of its key product lines sold better than anticipated in the quarter.

"We've had a phenomenal quarter," Jobs said in a statement. "We are firing on all cylinders and we've got some exciting things in the pipeline for this year," he said.

Apple said it saw an 86 percent increase in iPhone sales, it sold 16.2 million in the quarter, a number that could have been higher if it had been able to get more into the pipeline. Demand for iPhones across the world has created a massive backlog, the company said, one on which it is working around the clock to resolve.

Apple said it also sold 7.3 million iPads, and 4.1 million Macs, an increase of 23 percent, almost eight times more than the average increase in sales for all other personal computers. Laptop sales, meanwhile, increased 37 percent.

Apple's Q1 results were a record for the company, the largest technology company in the world by stock value.

It said revenues increased 70 percent from the like quarter a year ago to $26.7 billion; earnings meanwhile, rose 78 percent to $6 billion, or $6.43 per share, from $3.4 billion and $3.67 a share a year ago. Revenue beat Wall Street estimates of $24.4 billion and profits topped analysts' estimates of $5.40 per share.

COO Tim Cook, who was tapped to once again step in for Jobs during his leave, took the opportunity to reassure investors, saying, "We feel very, very confident about the future of the company."

In Apple's earning call, the company did not discuss any Apple TV sales figures, although it previously said it had sold more than 1 million units.

For more:
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