Apple surpasses expectations with "best quarter ever"

Apple continued to wow investors as it unveiled its latest quarterly earnings on Tuesday, far surpassing analysts' expectations.

The New York Times reports that although it did not introduce any new products during its last fiscal quarter, Apple extended its string of winning results. The Cupertino, California-based technology giant reported sales gains across the board for a number of its popular electronic products.

While many analysts had projected Apple to sell fewer iPhones during the last quarter, the company blew away expectations by selling 20.34 million of the devices. That figure represents a 100 percent uptick from the same quarter in 2010. The gain was even more impressive considering that supply chain disruptions had forced the company to overhaul its strategic sourcing, and that it will reportedly introduce a new model of the smartphone in September.

Sales of the iPad 2 also soared during the quarter, with sales reaching 9.25 million units. The company sold more than three times as many iPads as it did during the same quarter the year prior, demonstrating the dominance that its tablet offering has quickly achieved among technophiles.

The iPad 2 similarly had supply shortages following the natural disasters that struck Japan in March. Apple double- and even triple-source suppliers to make up for the dearth of critical components that affected a large number of technology companies.

"We're thrilled to deliver our best quarter ever," Apple chief executive Steve Jobs said in a statement. "Right now, we're very focused and excited about bringing iOS5 and iCloud to our users this fall."

Many analysts had expected the company to sell only around 17 million iPhones and about 7 million iPads. Its handily surpassing of expectations illustrates the dominance that Apple exerts within its industry, according to experts.

Apple said that its net income in the third fiscal quarter more than doubled to $7.31 billion, surging from the $3.25 billion it logged in the same quarter the year prior. Business cost reductions helped to increase its profit margins, as did robust sales of its personal computers.

Shares of the company soared in after-hours trading, nearing the $400 mark.