Apple Posts Record Q3 with $28.6 Billion in Revenue

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Apple’s financial results for its fiscal 2011 third quarter saw a record $28.57 billion in revenue and $7.31 billion in net profit. The company generated $15.7 billion in revenue and $3.25 billion in net profit during the same quarter last year.

Quarterly iPhone sales were up 142% versus Q3 2010; iPad sales were up 183%. Apple sold 20.34 million iPhones and 9.25 million iPads in Q3 2011, which ended on June 25, 2011. Mac sales were up 14% to 3.95 million though that growth rate is the lowest it’s been in a couple years; iPod sales declined 20% to 7.54 million, no doubt cannibalized by iPhone sales.

When asked on an earnings call about the idea that iPad sales may be cutting into Mac sales, Apple COO Tim Cook said, “We do believe that some customers preferred to purchase an iPad over a Mac, but we also believe that more customers preferred to purchase an iPad over a Windows PC.”

Apple CEO Steve Jobs said in a company press release, “We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent. Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

Apple stock finished out the day at $376.85 per share and flirted with the $400 mark during after hours trading.

On a company earnings call on Tuesday, Apple CFO Peter Oppenheimer said that Mac OS X Lion, Apple’s latest version of its desktop and laptop operating system, will launch tomorrow, July 20. Apple COO Tim Cook was also on the call, as mentioned, though CEO Steve Jobs was not.

MORE: Apple App Store Prices to Climb as Downloads Surge

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