Apple Records 78 Per Cent Surge In Profits

Apple has reported a 78 per cent surge in net profit in the three months to December 2010, driven by better than expected sales for both its iPhone and iPad devices.

Over the period, Apple's net income rose to $6.8 billion or $6.43 per share, up from the $3.38 billion or $3.67 per share recorded last year.

According to the company, sales rose by a record 71 per cent, with Apple raking in $26.7 billion over the period. The company claims that it would have made more revenue, were it not for the limited product supply.

Apple's financial results were enough to divert Wall Street's attention from Apple CEO Steve Job's medical leave that sent the company's shares down by 2.3 per cent.

Chief Operating Officer Tim Cook, who will be the acting CEO whilst Steve Jobs is away on medical leave, said in a conference call: “Apple is doing its best work ever. We are all very happy with the product pipeline, and the team here has an unparallelled breadth and depth of talent in a culture of innovation that Steve has driven in the company.”