Apple posts record $13.06bn quarterly profits, up 118% (By BBC)

See: http://www.bbc.co.uk/news/business-16712089: Apple reported record-breaking net profits for the three months to 31 December 2011 of $13.06bn (£8.36bn), up 118% from the same period in 2010.

The company also sold 37 million iPhones, more than twice as many as it sold in the last quarter of 2010.

"Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline," said chief executive Tim Cook.

The firm is expected to release its iPad 3 in March this year.

"We are very happy to have generated over $17.5bn in cash flow from operations during the December quarter," said Peter Oppenheimer, Apple's CFO.

"Looking ahead to the second fiscal quarter of 2012, we expect revenue of about $32.5bn and we expect diluted earnings per share of about $8.50."