Apple posts huge Q3 results, iPad sales way up

Apple has posted record-breaking financial results for its third quarter, including 183 percent growth in iPad sales.

9.25 million iPads were sold. Apple also noted a 142 percent growth in iPhone sales with 20.34 million sold.

"We sold every iPad we could make," Apple's chief financial officer, Peter Oppenheimer, said during its earnings call, as reported by VentureBeat.

"Sales of the iPad 2 have absolutely been a frenzy," chief operating officer Tim Cook echoed.

Cook said Apple had managed to step up supply to meet demand in some territories.

Sales of iPods dropped off 20 percent to 7.54 million. Mac sales were also down by 14 percent to 3.95 million, although rumours of new MacBook Air models and tomorrow's release of OS-X Lion could be responsible for that.

Cook also commented that iPad sales could be biting into the Mac market.

"We believe that some people chose to buy an iPad over a Mac in the quarter," he admitted.

"But we believe that even more people chose to bought an iPad over a Windows PC."

The company pulled in revenue of $28.57 billion, and scored its highest quarterly net profit of all time with $7.31 billion.

It's a huge increase year-on-year, from revenue of $15.70 billion and net quarterly profit of $3.25 billion in quarter three 2010.

Oppenheimer said the company reached a quarterly cash flow of $11.1 billion, a 131 precent increase year-on-year.

"Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion," he predicted.