APPLE REPORTED record quarterly sales and profit, as Christmas purchases of the iPhone helped the company steer clear of the consumer spending slump that has hurt rival technology companies.

First-quarter profit more than doubled to $13.1 billion (€10.1 billion), or $13.87 a share, compared with $6 billion, or $6.43 a share, a year earlier, Apple said in a statement. Sales rose 73 per cent to $46.3 billion.

Apple sold 37 million iPhones, up from the previous record of 20.34 million. Customers snapped up the 4S model that went on sale in October, a week after the death of cofounder Steve Jobs.

The results mark the first time the company’s quarterly revenue topped Hewlett-Packard’s, underscoring how its focus on sleek touch-screen mobile devices has reshuffled leadership in the industry. “It’s a milestone,” said Brian White, an analyst at Ticonderoga Securities.

Apple, looking ahead to results for the second quarter, forecast revenue of about $32.5 billion and profit of $8.50 a share.

In the first quarter, which ended on December 31st, Apple sold 15.4 million iPads, topping the 13.5 million predicted by analysts. IPhone sales on average were predicted to reach 30.2 million. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline,” Apple chief executive officer Tim Cook said in the statement. – (Bloomberg)