Apple reports stellar Q1 results

Apple set a new record for it's revenue and profit, earning a total of $13.06 billion on the back of a $46.33 billion in revenue. This represents about half of the company's annual profits, double of the last quarter. In total the company shipped 15.4 million iPads, 15.4 million iPods and 5.2 million Macs this quarter. That last number is particularly surprising since it represents a growth of 26 percent over last year, bucking trends that indicated PC growth would remain flat. Even the Apple TV enjoyed a record quarter, selling 1.4 million units.

Perhaps more importantly, though, the company sold just over 37 million iPhones -- a 128 percent increase over the same quarter last year and greatly exceeding industry estimates. This also moves Apple back into the number one slot, ahead of Samsung which sold a stunning 35 million units this last quarter. Sales of iPhones and accessories accounted for 24.4 billion of the quarter's revenue. Apple also anticipates to have a strong Q2, though maybe not a record-breaking one, thanks to "some amazing new products in the pipeline." But even if Q2 turns out to be a slow one, Cupertino should be perfectly fine thanks to its $97 billion in cash on hand.

Check out the full press release at Engadget