Apple [NASDAQ: APPL] has announced its Q1 2011 financials, for the three months ending December 25.

Revenue was $26.74 billion, a quarterly record, and up 71 percent year-on-year.

The company also had a record quarter in terms of profits. The total was $6 billion, up 78 percent year-on-year.

Gross margin was 38.5 percent compared to 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue.

iDevices everywhere

In terms of hardware sales, Apple sold 16.24 million iPhones in the quarter, up 86 percent year-on-year. It sold 14.1 million iPhones in the previous quarter, ending September 25.

When it comes to iPads, Apple sold 7.33 million units, compared to 4.19 million iPads in the previous quarter. That means Apple has sold a total of 14.79 million iPads in nine months since its launch.

Apple also sold 4.13 million Macs (up 23 percent y-o-y) and 19.45 million iPods (down 7 percent y-o-y).

Firing it up, up, up

"We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales," said Steve Jobs, Apple's CEO.

"We are firing on all cylinders and we've got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can't wait to get their hands on."

"We couldn't be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter," said Peter Oppenheimer, Apple's CFO.

"Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90."

The company ended the quarter with current assets, including cash and short term investments of $43.9 billion, up from $41.7 billion three months ago. 

It had $59.7 billion in cash, short and long-term investments, compared to $51 billion at the end of the last quarter.

[source: Apple]