iPhone sales surge sees Apple profit double

UPDATE APRIL 26: Apple shares [NAS:AAPL] were up nearly 9% in late trading following the 94% profit lift reported after the market close yesterday.

However, but the company's $US568 billion market cap (up from $US522 billion yesterday) is still off its recent high of above $US600 billion after falling in 10 of the last 11 trading days.

Even at its recent market cap nadir of $US522 billion, Apple was still handily ahead of the world's second-most valuable company, Exxon Mobil on around $US408 billion - although still some distance behind Miicrosoft's 1990s tech boom high of  $US618.9 billion (or around $US846 billion adjusted for inflation; today it sits around $US255 billion).

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Apple profit surges 94% as iPhone, iPad sales break more records

APRIL 25: Apple has reported a 94% increase in net profit for its March quarter, beating forecasts.

But although the company made $US11.62 billion (a record for the period), it was down from the record $13.06 billion earnings for its December quarter (which as well as Christmas, coincided with the launch of the iPhone 4S).

Revenue increased 39% against the year-ago quarter to $US39.19 billion - again a March quarter record but down from the December quarter's $US43 billion.

The company sold 35.1 million iPhones in the quarter, an 88% increase on the year ago quarter, if down on the record 37 million for its December quarter.

Apple sold 11.8 million iPads during the quarter, a 151% increase on the year-ago quarter - but again down on the Christmas quarter's 15.4 million (the new iPad - aka iPad 3 - was launched two weeks before the end of the March quarter).

The company sold 4 million Macs during the quarter, a 7%  unit increase over the year-ago quarter.

And it sold 7.7 million iPods, a 15%  decline from the year-ago quarter.

The company - already sitting on a cash mountain of close to $US100 billion - generated $US14 billion in free cash flow.

Apple recently said it would spend $US10 billion on a share buyback, and initiated a quarterly dividend at $US2.65 per share.

Apple shares [NAS:AAPL], which dropped 2.1% during the regular session rose 7.1% in after hours trading - but the company's $US522 billion market cap is still off its recent high of above $US600 billion after falling in 10 of the last 11 trading days.