Apple's First Quarter Results Beat Wall Street Predictions

Apple has beaten Wall Street expectations yet again after its iPhone, iPad and MacBook Air lines registered impressive sales records, resulting in a solid 3 percent growth in its shares.

Shares of the company suffered a major set back after the Japanese earthquake, but they have risen again to $355.79.

According to a report, the company shipped almost 18.65 million units of its flagship product, the iPhone, this quarter alone, well above the 16 million units expected by Wall Street.

iPad sales were lower than expected, but this didn't stop the tech firm from posting strong yea-on-year growth.

"Dynamite numbers across the board. The only hiccup is lower than expected iPad numbers," Capital Advisors Growth Fund portfolio manager Channing Smith said in a statement.

Apple CEO, who is on medical leave, also chimed in, "With quarterly revenue growth of 83% and profit growth of 95% we're firing on all cylinders."

This growth is in line with strong first quarter results posted by a number of tech firms, including IBM and Intel. Even though demand for the iPad has weakened slightly, Apple still dominates the tablet market and sales of the iPad 2 are expected to pick up the slack in the year ahead.