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Shares of Apple jumped more than five percent in after-hours trading today after the maker of the iPhone and iPad reported a blockbuster quarter which once-again established its dominance as the most valuable technology company.

Apple’s net profit more than doubled to $7.31 billion as the company sold 20.3 million iPhones, a 142 percent increase over the same period last year. Apple certainly is being helped on that front through its new partnership with Verizon, which just started carrying the iPhone earlier this year.

But Apple’s other core products also produced solid results. The company sold 9.25 million iPads, a 182 percent increase, and 3.95 million Macs, a 14 percent increase.

In total, revenues soared to a record of $28 billion, nearly double the amount in the same quarter last year.

The stock is going crazy as a result, trading up more than $20 at around $376 per share. Apple now has a market value of $347 billion. Last Friday, we noted that Apple was valued at $110 billion more than Microsoft. Today, that figure now stands at more than $115 billion.

UPDATE: Shares of Apple are trading up more than three percent to $389 on Wednesday morning following the release of earnings. Also, several analysts have boosted their price targets for the firm, one of the most aggressive being JPMorgan Chase which boosted its target to $525 per share.

Previously on GeekWire: “Apple, Microsoft and the divergence of the personal computer market”

Full Apple Press Release:

CUPERTINO, California—July 19, 2011—Apple® today announced financial results for its fiscal 2011 third quarter ended June 25, 2011. The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

“We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

Apple will provide live streaming of its Q3 2011 financial results conference call beginning at 2:00 p.m. PDT on July 19, 2011 at www.apple.com/quicktime/qtv/earningsq311. This webcast will also be available for replay for approximately two weeks thereafter.

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