Apple posted a net profit of $3.25 billion for its third business quarter, driven by robust Mac, iPhone and iPad sales. The gadget maker said Mac sales were up 33 percent year over year to a record 3.47 million for the quarter, even as it outgrew the global market in both the desktop and portable categories.

Though Apple increased its iPhone sales 61 percent to 8.4 million in the quarter, this was in line with IDC's expectations. However, the company's shipment of 3.27 million iPads exceeded the 3.2 million forecast from Piper Jaffray.

"It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple's history with iPhone 4," said Apple CEO Steve Jobs. "iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year."

Killing the 'Dream Phone' Myth

Apple said it sold more than 1.7 million iPhone 4s during the quarter in the initial five countries where it launched. And moving forward, the company expects iPhone 4 sales to benefit from the iPhone distribution agreements that Apple already has with 154 carriers in 88 countries.

The iPhone 4's headline-making antenna problem didn't impact Apple's latest financial results, since the new model didn't start shipping until the end of the quarter. However, IDC Research Manager Francisco Jeronimo noted that the issue does kill the myth that the iPhone is perfect and better than any other smartphone. "For most consumers there was no other 'dream phone,' but now they may consider other devices," Jeronimo said.

Jeronimo expects iPhone upgrades to slow since users don't want to buy a high-end device with reception problems. "In a recent survey, IDC found out that 66 percent of iPhone owners are delaying their purchase of the iPhone 4 until a solution for the problem is announced," Jeronimo said.

However, the antenna problem isn't something Apple can easily fix by replacing a component or supplying customers with a free case. "Therefore, they would need to do something around the design and structure of the phone," which "may be difficult to do" short of releasing a new model, Jeronimo said. "Over the next few weeks we will see how many complaints there are" and if there are relatively few, "they may just try to do something minor."

iPad Growth Ahead

Apple COO Time Cook told financial analysts Tuesday that the company ended the quarter with a backlog of iPhone and iPad orders, and is selling both products as fast as they can be made. The key to Apple's continuing success will be how quickly it can respond to issues as they arise and whether it can align suppliers to meet demand, noted Rhoda Alexander, director of monitor research at iSuppli.

"Apple has hiked its iPad manufacturing goals to suppliers across Asia," Alexander said. "The only limitation on iPad sales now is production -- and not demand."

Apple is expected to ship 12.9 million iPads in 2010, 36.5 million tablets in 2011, and 50.4 million in 2012, according to iSuppli. Moreover, the phenomenal success of the iPad and iPhone should lead Apple to spend $16.2 billion on semiconductors in 2011, making it the world's second-largest OEM buyer of chips.

"Apple's expected rise to number two -- eclipsing Samsung and putting it within a hair's breadth of Hewlett-Packard -- means that the company's investment in its new smartphone and tablet has paid off and will continue to do so for some time to come," said iSuppli Senior Analyst Min-Sun Moon.

Martin Turner: