Apple's profit soars 78 percent

Apple presented a 78 percent increase in profits for its first financial quarter. The company made $1 billion profit, compared to $565 million over the same period a year ago.

The company's earnings per share increased from $0.65 to $1.14, which is far beyond analysts' expectations of $0.78. Apple's revenue also reached record levels. It soared from $5.7 billion last year to $7.1 billion, which is also a lot more than the expected $6.43 billion.

This record profits were possible because Apple shipped 21 million iPods, 50 percent more than last year, and 1.6 million Mac computers, which is an increase of 28 percent.

The gross margin was 31.2 percent, which is 4 percent more than last quarter.

For the second quarter Apple expects earnings per share of $0.54 to $0.56 and a revenue between $4.8 billion and $4.9 billion.