By Marcus Leach

Technology giants Apple have reported record-breaking net profits for the final three months of 2011 of $13.06 billion (£8.36 billion).

This is a 118% increase from the same period in 2010, owing in part to the sale of 37 million iPhones, double what it sold in the last quarter of 2010.

"Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline," said chief executive Tim Cook.

If reports are true then Apple will release its iPad 3 in March of this year.

"We are very happy to have generated over $17.5bn in cash flow from operations during the December quarter," said Peter Oppenheimer, Apple's CFO.

"Looking ahead to the second fiscal quarter of 2012, we expect revenue of about $32.5bn and we expect diluted earnings per share of about $8.50."

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