Apple Inc.'s coffers continued to swell in the first three months of the year due to record sales of iPhones and iPad tablet computers, particularly in China and other parts of Asia.
Apple (IW 500/14) reported on Tuesday that it made a profit of $11.6 billion on revenue of $39.2 billion in the quarter ended March 31. The amount of cash Apple had on hand grew $12 billion to $110.2 billion.
Sales of iPads more than doubled from the same quarter the previous year and iPhone sales surged 88%.
"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 its second fiscal quarter was nearly double that seen in the same period a year earlier, when sales tallied $24.7 billion.
The Cupertino, Calif.-based company released the third-generation of its market-ruling iPad tablet computer in March, meaning its blockbuster sales have only begun to pump up Apple's bottom line.
"Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68," said Apple chief financial officer Peter Oppenheimer.
While Apple gadgets were hot in markets around the world, demand was "mind-boggling" in China, where revenue for the quarter was a record-high $7.9 billion, Cook said in an earnings conference call.