Apple has released their quarterly financial report, revealing that they had a record-setting second quarter revenue of $24.67 billion and a net profit of $5.99 billion during the same quarter.

This compares to only $13.50 billion in revenue and $3.07 billion in profits just a year ago in the same quarter. Apple sold 3.76M Macs, 18.65M iPhones and 4.69M iPads in the second quarter of 2011. The 18.65 million iPhones sold in the second quarter eclipses the previous record of 16.24 million set just last quarter.

Sales of Apple’s iPod line were down 9% and Mac and iPad sales declined over 4th quarter of last year as well. This is likely due to the Christmas buying season. Interestingly, the iPhone actually rose 15% over the previous quarter, defying the other products in it’s lineup. This increase can most likely be attributed to the addition of the iPhone to AT&T competitor Verizon’s lineup.

The 126% increase in revenue for the iPhone, to 12.2B, can’t be explained just by the late-in-the-game addition of a new carrier. Instead this demonstrates the strength of the iPhone’s brand and it’s increasing popularity.

Currently the iPhone accounts for almost half of Apple’s Q2 earnings in a single product line. Apple still considers LTE chipsets to be immature and thinks that they have “caused a lot of design compromises.” They’re happy on 3G for now.

In repsonse to a question about the way that the earthquake has affected their supply chain Apple said “Apple has many strong ties to Japa The economic impact we will discuss today pales in comparison to the human impact.”

They then went on to predict that issues in Japan will cause their revenue to be $200m less in Q3 but supply chain will not be affected at all by the Japanese earthquake due to strong partnerships.

iPad sales fell below earnings estimates of 6.3B in revenue, coming in at 5.4B. This may have been a result of many waiting to buy the new iPad 2 instead of the older iPad. iPad 2 sales won’t be recorded until the Q3 reports. Commenting on the shortage of inventory on iPad’s Apple said, “We sold every iPad 2 we could make during the quarter.”

They also reported that $2.8B in iPad accessories have been sold. It will be interesting to see how this number is affected by the increase in profits from the Smart Cover for iPad 2 in the next quarter’s report.

iPod touch accounted for over half of all iPods sold according to Apple’s earnings call. Apple reported 1.4 billion in iTunes revenue this quarter including the profits from the new iBookstore.

Apple also pointed to the success of the iPhone in the Enterprise sector. “Currently over 80% of the Fortune 500 are deploying or testing the iPhone for deployment.”

On Steve Jobs, “He is still on medical leave…but we talk to him on a regular basis and he continues to come in on a regular basis.”

They also commented on the lawsuit with Samsung, calling them a “valued supply partner” but stating,”We felt that the mobile communication division of Samsung had crossed the line…decided we needed to rely on the courts.”

Apple’s stock ended the day before the numbers were released up $4.55, or 1.35% in regular trading hours. As of the time of writing, in after hours trading, Apple’s stock is sharply higher, up $8.69 , or 2.54%.

Apple’s cash position is incredibly strong, with nearly  $16 billion in cash and cash equivalents in the bank. This is a rise of nearly $5 billion over the last year, when at the same point in its fiscal year Apple had $11.2 billion in cash.

Despite higher sales, Apple’s inventory levels are actually down year over year. Apple’s cost of sales growth mirrored its rising revenue exactly, with costs rising 83.5% as compared to its 83% revenue growth.

Apple’s earnings were strong when taken on a quarterly level, but were equally strong when viewed over a six month time table. According to Apple, the company is expecting revenues of $23 billion for its third fiscal quarter of 2011, and diluted earnings of roughly $5.03.

Additional reporting by Alex Wilhelm