Apple posts record revenue, earnings for Q1 2011

In a display of perfect timing, Apple blew past analyst expectations in reporting the best financial performance in its history today.

Apple reported revenue of $26.74 billion and profits of $6 billion, or $6.43 per share. Revenue was up 71 percent from a year ago, and earnings 78 percent. Analysts were expecting revenue of $24.38 billion and earnings per share of $5.38.

The report followed news yesterday that CEO Steve Jobs will be taking an indefinite leave of absence from the company to focus on his ongoing health problems. He retains CEO duties, while COO Tim Cook will handle the day-to-day operations of the company. Apple included a quote from Jobs in the press release accompanying the earnings report today.

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Apple said it sold 4.13 million Macs during the quarter, 23 percent more than the holiday quarter a year ago, 16.24 million iPhones, 86 percent better than a year ago, 19.45 million iPods during the quarter, seven percent down from a year ago, and 7.33 million iPads.