In the first post-Steve Jobs quarter, Apple witnessed a staggering 118 percent increase in its quarterly profits, largely due to the notably robust sales of the iPhone - with the iPhone 4S launched during the quarter - and the increasingly popular iPad.

According to the quarterly report released on Tuesday, Apple exceeded earlier projections and reported record net profit and revenue figures for its first quarter of fiscal 2012.

The figures posted by Apple show that the company witnessed a two-fold increase in its year-on-year net profit, which reached an all-time high of $13.06 billion. The company's revenue during the quarter also touched a new record of $46.33 billion from previous year same quarter figures of $26.74 billion.

Apple's `per share' earnings of $13.87 for the quarter conveniently beat the Wall Street analysts' estimates of $10.08 per share earnings. Furthermore, the company's gross margin was 44.7 percent - vis-a-vis the previous year's 38.5 percent - and its overseas sales accounted for a whopping 58 percent of the quarterly revenue.

With Tim Bajarin - a Creative Strategies' analyst - terming Apple's $46.3 billion quarterly revenue figures as "more than spectacular," it is quite evident that the company is well on its way to emerge as the world's biggest firm in terms of revenue.

Noting that Apple "a record-setting blowout quarter with incremental upgrades to the iPhone and the Mac," Bajarin said: "Imagine what 2012 will be like with a new version of the iPhone, the iPad and maybe even an all-new Mac"!