Apple in record $13 billion profit

The world's most valuable technology corporation returned to form after a rare miss in the previous quarter, assuaging investors' worries that its sheer size meant it was headed into a period of slower growth.

It sold more than 37 million iPhones and 15.43 million iPad tablets, doubling from a year earlier and easily outpacing already heightened expectations for a strong holiday season.

That helped swell its warchest of cash and securities to almost $100 billion (£64 billion) - more than enough to plug December's US budget deficit and level with California's 2012/13 spending plan.

The company founded by late Silicon Valley titan Steve Jobs - who died in October after a years-long battle with cancer - smashed estimates on all its results including gross margin, which came in at 44.7% during the quarter.

Apple reported a net profit of $13.06 billion, or $13.87 a share, handily outstripping an average forecast of $10.16 per share.

"Going into 2012, I expect strength of iPhone, iPod Touch and iPad should carry on into the year. Apple still has some tailwind, including opening up new retail stores and expanding its distribution channels," said Hendi Susanto at Gabelli & Co.

"I would say Apple still has many unpenetrated international markets ... Apple is still far from its saturation.

The results allayed lingering doubts about the ability of new chief executive Tim Cook to lead the company that Jobs built from a garage project into a global leader. This was the first full quarter for Apple without its legendary cofounder.

But the big quarter fuelled Wall Street's impatience with Apple's $97.6 billion in cash and short-term and long-term marketable securities.

Apple's revenue leapt 73% to $46.33 billion.

Sales in the United States were particularly strong, with revenue rising 90% in the Americas region. Sales in Europe were up 55% even though the region is in the grip of a debt crisis that has pummelled consumer confidence.

Shares in Apple jumped 8% to about $452 in extended trade following the earnings report last night. The stock - which set a record high of $427.75 just this month - had closed at $420.41 on the Nasdaq.