Apple is hugely responsible for the growth of the computer industry. Established as a manufacturer of Macintosh computers,  Apple now produces a variety of products such as iPhone, iPad and iMac. Apple launched iPhone in 2009 and the company’s earnings defied economic slowdown at $7.9 billion revenue in 2008 and $8.34 billion in 2009. In 2008, record setting sales of Apple products marked the high rise of revenues to a 38 percent revenue growth in the year 2008.

Now for the first quarter of 2011, Apple posted revenues of $26 billion. Posting $23 billion for the last quarter in 2010, this has touched new heights of revenues. iPad and iPhone sales surpassed the expectations of analysts while Mac sales (at 4.3 million) and iPod sales (at 19.45 million) was a trifle short. In total, Apple reported 160 million iOS devices activated. Apple  sold 16.24 million iPhones and 19.45 million iPods in the quarter which is about 17 percent higher than the same quarter in the last year. The company also sold 7.33 million iPads in the last quarter.

Apple expects a revenue of $22 billion in the current quarter. Steve Jobs, the CEO, is upbeat about the prospects of the company. For this current quarter, the company expects to make revenues of over $22 billion with earnings $4.90 per share, and being above $20.9 billion at earnings of $4.48 each share that analysts had forecast. Apple is reporting higher revenues boosted by the increasing sales Macs, iPhones, iPods and iPads.