Apple's profits surged 95% year-on-year to $5.99bn (£3.62bn) and revenue rose 83% to $24.7bn for the quarter that ended 31 March.
Revenue was $2.7bn more than the company forecast, but $2bn less than the previous record quarter for Apple.
The figures were driven by strong sales of iPhones and Macs, but the company said it is struggling to keep up with demand for the latest version of the iPad.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
iPad sales fell to 4.69 million units from 7.3 million in the previous quarter because of bottlenecks in production.
"The iPad 2 is the mother of all backlogs," Tim Cook, Apple chief operating officer, said on a conference call with analysts, according to the Financial Times.
Cook said production would increase in the coming months, adding that Apple did not expect any material revenue or supply-chain impact from the earthquake, tsunami and nuclear issues in Japan unless problems get worse.
Cook also gave assurances that Apple chief executive Steve Jobs remained involved in major decisions at the company and that he still hoped to return full-time.
Jobs, who went on medical leave in January with an undisclosed illness, said in a statement that Apple is "firing on all cylinders" and will continue to innovate on all fronts throughout 2011.
The company sold 3.76 million Macs during the quarter, a 28% unit increase over the year-ago quarter; 18.65 million iPhones - 113% unit growth; 9.02 million iPods - a 17% unit decline.