Apple overtakes IBM and HP in sales

Apple has posted another remarkable set of financial results, overtaking IT giants IBM and HP in sales during its latest financial quarter.

The company reported second quarter revenue of $39.2bn, up from $24.7bn in the same period last year, with net profit of $11.6bn nearly doubling from $6bn.

In comparison, IBM's most recent quarterly results showed sales of $24.7bn, while HP reported revenue of $30bn – in the same period last year, IBM delivered the same and HP more revenue than Apple.

The record sales came from huge growth in device shipments – Apple sold 35.1 million iPhones, an 88% year-on-year increase; 11.8 million iPads, up 151% and four million Macs, up 7%. Only iPod shipments declined, down 15% to 7.7 million units.

“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook, Apple’s CEO. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

Apple grew its cash pile by $14bn during the quarter, giving the firm over $110bn in cash in the bank.