Apple posted record March quarter revenue and profit as iPhone sales more than double.

The revenue were up about 50% and profits up 89% representing the best non-holiday quarter ever for Apple Computer. Man this is just the beginning of a big run by Apple.  The impressive results didn’t include the iPad which didn’t factor into the Q1 numbers since it launched April 3rd.   Sales of the iPad have been stellar and with the unexpected unofficial unveiling of the iPhone 4 aka the “lost iPhone 4” I expect Apple to continue to soar.

The results far exceeded Wall Street forecasts. Apple’s stock jumped 7 percent in after hours trading. The stock had closed at $244.59 during regular-session trading prior to Apple’s announcement.

My Angle

I am very bullish on Apple.  From my perspective the overall mood of the market is that Apple has successfully ushered in a new generation of developers making new products.  Most recently this was represented by the iPad launch and iPad and iPhone developer camps and meetups going on around Silicon Valley and throughout the world.

Real opportunity is emerging across the board.  What we will be seeing is amazing innovation.  New kinds of applications and functionality will be hitting the scene with unprecedented speed and creativity.  Also impacted is the cloud and infrastructure space – like Juniper and service providers.

Also reporting today was Juniper Networks who also reported great financial results. On top of Intel good results and soon to be others a recovery is in sight in technology. Thank God finally.

Here is the official Apple release with numbers.

Apple® today announced financial results for its fiscal 2010 second quarter ended March 27, 2010. The Company posted revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share. These results compare to revenue of $9.08 billion and net quarterly profit of $1.62 billion, or $1.79 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent, up from 39.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.

Apple sold 2.94 million Macintosh® computers during the quarter, representing a 33 percent unit increase over the year-ago quarter. The Company sold 8.75 million iPhones in the quarter, representing 131 percent unit growth over the year-ago quarter. Apple sold 10.89 million iPods during the quarter, representing a one percent unit decline from the year-ago quarter.

“We’re thrilled to report our best non-holiday quarter ever, with revenues up 49 percent and profits up 90 percent,” said Steve Jobs, Apple’s CEO. “We’ve launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year.”

“Looking ahead to the third fiscal quarter of 2010, we expect revenue in the range of about $13.0 billion to $13.4 billion and we expect diluted earnings per share in the range of about $2.28 to $2.39,” said Peter Oppenheimer, Apple’s CFO.