Cupertino, Calif.-based Apple delighted its shareholders by announcing jaw-dropping increase in revenue and profit for the three month ended June.

Apple's chief executive Steve Jobs announced that the company enjoyed a year-on-year increase of 90 per cent in revenue to $28.57 billion, while profit jumped 124 per cent to settle at $7.31 billion.

The company sold a total of 20.34 million iPhones during the quarter. The figure represents a jump of 140 per cent in the handset’s sales from the corresponding period of 2010.

The total number of iPad sales was reported at 9.25 million, up 183 per cent from last year. Mac sales also jumped, albeit by modest 14 per cent.

Announcing Apple’s quarterly result, Mr. Jobs said, “We're thrilled to deliver our best quarter ever.”

Meanwhile, a report published by the Wall Street Journal (WSJ) claims that some board members at Apple have been pursuing talks with executive recruiters about finding a successor to CEO Jobs, who has been on medical leave from the company since January.

Shares in Apple gained $23.22, or 6.2 per cent, to jump over $400 for the first time.