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iPhone and Mac sales boost Apple profits

Apple has sold 8.75 million iPhones in the March quarter, a 131 per cent year on year increase, with Mac sales also going through the roof in the company's most profitable non-holiday quarter of all time.

With iPhone leakage and criticisms of the iPad, it hasn't been the finest month for Apple, but the financial results will ease the pain - bringing $3.07 billion (£1.99bn) in profit and strong revenue forecasts for the summer.

The increase in iPhone sales is being attributed to global success in key markets, with the popular handset continuing its merry path at a sprint.

iPod down, Mac up

iPod sales were slightly down, but still at 10.89 million units sold and sales of Mac computers were up by a third on the same period last year up to 2.9 million.

It's hugely encouraging news from Apple, and the company confidently told the financial markets that the next quarter would bring a projected revenue of $13 to $13.4 billion.

As you may imagine, Apple stock has been given a major boost by the news, and the next quarter will, of course, include iPad sales.

With the US stocks selling so fast it delayed the UK launch, you can't imagine that Apple is going to be running out of petty cash any time soon.