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Apple ships 37.4m iPhones, 19.5m iPads during Q1

Apple moved 37.4 million iPhones and 19.5 million iPads in the first quarter, which was down from its fourth-quarter numbers, but an improvement over the same time period last year.

The company reported first-quarter profit of $9.5 billion (£6.2 billion), which was down from the $11.6 billion (£7.6 billion) it reported in the same time period last year. Revenue landed at $43.6 billion (£28.6 billion), up from $39.2 billion (£25.7 billion) last year. International sales made up 66 per cent of the quarter's revenue, Apple said.

The 37.4 million iPhones sold was down from the 47.8 million it sold during the fourth quarter, but up from the 35.1 million iPhones sold during the same time period last year. Apple unveiled the iPhone 5 in Q4, however, so a drop-off is to be expected.

Customers snapped up 19.5 million iPads in the first quarter, meanwhile, down from the 22.9 million it sold in the fourth but up from the 11.8 million sold in the year-ago quarter.

Apple sold just under four million Macs in the quarter, down from 4.1 million in the fourth quarter and four million a year ago.

"We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad," Tim Cook, Apple's CEO, said in a statement. "Our teams are hard at work on some amazing new hardware, software and services, and we are very excited about the products in our pipeline."

Apple now has a cash pile of $145 billion (£95 billion), according to CFO Peter Oppenheimer.

As a result, Apple will expand its buyback program. "The Company expects to utilize a total of $100 billion [£66 billion] of cash under the expanded program by the end of calendar 2015," Apple said. "This represents a $55 billion [£36 billion] increase to the program announced last year and translates to an average rate of $30 billion [£20 billion] per year from the time of the first dividend payment in August 2012 through December 2015."