CAIRO: Apple Inc. has announced a net profit of $11.6 billion for 1st Q of 2012, almost double for the 4th Q of 2011, reflecting robust demand for the iPhone in China and purchases of a new version of the iPad. Revenue for the quarter ended March 31 was $39.2 billion, before taxes and operational costs, as sales of iPad and iPhone surged 88 percent, according to Apple's press release posted on Wednesday. “We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” Apple chief executive Tim Cook said. “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,” he added. The California-based company released the third-generation of its market-ruling iPad tablet computer in March, meaning its blockbuster sales out of the gate have only begun to pump up Apple's bottom line. Apple stock price reversed a losing trend for the day after release of the earnings figures, jumping more than seven percent to $602.20 a share on the Nasdaq exchange. Blockbuster profits from Apple has taken US stocks up on Wednesday, lifting sentiment as the company earnings season shapes up better than expected.
