Apple Inc Wednesday said it reported record-breaking net profits of $13.06 billion for the three months ended December 31, 2011, an increase of 118% from the same period in 2010.

The company that sells personal computers, consumer electronics and computer software said it has sold 37 million iPhones, which is more than twice as many as it sold in the last quarter of 2010.

According to Apple Chief Executive Tim Cook, “Apple’s momentum is incredibly strong and we have some amazing new products in the pipeline.

”The company is likely to release its iPad3 in March this year. Apple’s CFO Peter Oppenheimer said, “We are very happy to have generated over $17.5 billion in cash flow from the operations during the December quarter.”  He also said, “Looking ahead to the second fiscal quarter of 2012, we expect revenue of about $32.5 billion and we expect diluted earnings per share of about $8.50.”

The reactions of analysts have been very positive on the news of Apple reporting record-breaking profits.

 The company saw strong sales for both its Mac and iPads range of computers rising 111% and 26% respectively this quarter as compared to the same period last year.

The sales of Apple’s portable music player, the iPod slipped by 21%. Apple Inc is an American multinational company that sells and designs computer software, personal computers and consumer electronics.