Apple's Revenue Surges on Brisk iPad Sales

Apple said its net income for the most recent quarter rose 78% as holiday shoppers snapped up more iPads than analysts anticipated. The company sold more than 7 million iPads, about a million more than expected. It also sold more than 16 million iPhones in the quarter. The rosy news was, of course, overshadowed by news that CEO Steve Jobs will take a medical leave of absence.

Jobs has survived a rare form of pancreatic cancer and had a liver transplant in 2009. Shares of Apple fell more than 2% in regular trading, before the release of results. The company's net income jumped to $6 billion, or $6.43 per share, up from $3.4 billion, or $3.67 per share. Revenue jumped 71% to $26.7 billion. Shares jumped $1.42 to $342.07 in extended trading after the release of results. In the regular session, shares fell $7.83 to close at $340.65. (More Apple stories.)