Apple doubles quarterly profits to £7.2bn

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Company sells 35.1 iPhones and 11.8 million iPads in the first three months of the year, as revenues surge to £24.4 billion 

Apple almost doubled its profits for the first three months of the year, hitting £7.2 billion compared to £3.7 billion in the previous quarter.

The company also reported revenue of £24.4 billion, up from £15.4 billion from the previous quarter.

This was helped by the sale of 35.1 million iPhones in the three month period, representing 88 per cent growth compared to the same quarter a year ago.

Apple increased iPad sales 151 per cent year-on-year to 11.8 million units, helped by the launch of the new iPad on March 16.

The company sold four million Mac computers during the quarter, up seven per cent from a year ago. However iPod sales were down 15 per cent year-on-year to 7.7 million units.

Apple CEO Tim Cook (pictured) said: “We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. 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 CFO Peter Oppenheimer added: “Our record March quarter results drove $14 billion in cash flow operations. Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”

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