Apple profit climbs to $11.6B on iPhone-iPad sales

SAN FRANCISCO – Apple on Tuesday reported it made a profit of $11.6 billion in the first three months of the year driven by record sales of iPhones and iPad tablet computers.

Revenue for the quarter ended March 31 was $39.2 billion as sales of iPad sales more than doubled from the same quarter the previous year and iPhone sales surged 88 percent, according to Apple.

“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Apple chief executive Tim Cook.

“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’s net income for the quarter was nearly double that seen in the same three month period a year earlier, when sales tallied $24.7 billion.

The Cupertino, California-based company released the third-generation of its market-ruling iPad tablet computer in March, meaning its blockbuster sales out of the gate have only begun to pump up Apple’s bottom line.

“Our record March quarter results drove $14 billion in cash flow from operations,” said Apple chief financial officer Peter Oppenheimer.

“Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”

Apple stock price reversed a losing trend for the day after release of the earnings figures, jumping more than seven percent to $602.20 a share on the Nasdaq exchange.