Apple might be faced with growing competitive pressures from other tablet and smartphone producers, but its own profits, sales and margins remain extremely robust. Apple’s quarterly profit rose to $7.31 billion for its fiscal third quarter, up from $3.25 billion a year earlier. Revenue soared 82 per cent to $28.57 billion. Gross margins rose to 41.7 per cent from 39.1 per cent a year ago.

Apple’s CFO Peter Oppenheimer described the results as “staggering”, and reported that the quarter-year had seen record sales of iPhones and iPads. Moreover, sales were seemingly not affected by consumers holding back for new iPhone models.

Today (Wednesday July 20) ‘Lion’, a new Apple operating system for its MAC computers will be released.

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