Apple Reports 50% Surge In Q1 Profits, Doubling Of iPhone Sales, Macs Up 33%

It's two days before Apple's much anticipated product unveiling, and the company has already reported a surge in Q1 financial profit and revenue, soaring 50% as iPhone sales doubled and Mac sales jumped 33%.  Noted are iPod sales, which is actually down 8% from last year.  Apparently people still want, uh really want that shiny (however not so new) iPhone or Mac.

The consumer electronics giant brought in revenues of $15.68 billion, a 32% increase in revenue for its fiscal 1st quarter which ended December 26th.  Overall, Apple reported a quarterly profit of $3.38 billion, or $3.67 a share, up from $2.26 billion, or $2.50 a share, a year earlier.

Something worth noting is that with this quarter, Apple had adopted the new accounting principle for subscription devices such as the iPhone and the Apple TV this quarter.  As the WSJ reports, there are in place at Apple "new accounting rules that allow it to recognize all the revenue for iPhone sales at the time the phones are sold. Previously, it deferred such revenue over 24 months, or the length of time consumers are expected to use the handsets. the company also restated past periods to reflect this change."

But what's most impressive is how Apple managed to pull off these numbers in light of the current economic climate – what will the rumored tablet coming in two days offer next?