Despite fears of weak iPhone sales in the U.S., Apple Inc. turned in a strong earnings performance in the first quarter as overseas sales set the pace. The share price of the company was up in after hours trading 
Earlier, AT&T and Verizon Wireless had reported a decline in iPhone sales.
The company reported quarterly revenue of $39.2 billion and quarterly net profit of $11.6 billion, compared to revenue of $24.7 billion and net profit of $6 billion in the year-ago quarter. Gross margin was 47.4 percent compared to 41.4 percent in the year-ago quarter. International sales accounted for 64 percent of total revenue.
Apple sold 35.1 million iPhones in the quarter, representing 88 percent unit growth over the year-ago quarter. Apple sold 11.8 million iPads during the quarter, a 151 percent unit increase over the year-ago quarter. The company sold 4 million Macs during the quarter, a 7 percent unit increase from the same period a year ago. Sales of the iPod were down 15 percent.
The iPad continues to make inroads in commercial markets, taking the place of paper documents in everything from maps used by airline pilots to playbooks at National Football League teams.
“Our record March quarter results drove $14 billion in cash flow from operations,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”
The strong cash flow means Apple will continue to have to work to find ways to use those funds and keep shareholders happy. The company has piled up a cash hoard of more than $100 billion.
