Apple has defied the market, given a two finger salute to the media and delivered a 78 per cent jump in quarterly profits. Fresh from defending problems with their iPhone 4 Apple has delivered revenues of US $15.7 Billion, shares in Apple rose 2.5 per cent on the news.

During the past 3 months the company has sold 3.3 million iPads and 8.4 million iPhones.

The company is also bullish about the current quarter, despite antenna problems with their new iPhone 4.

Apple’s revenue in the quarter ended June 26 rose 61 per cent to $15.7 billion.

Chief Executive Steve Jobs, who on Saturday was slam dunking his competitors mobile phone offering, said in a press release that the results as “phenomenal” and promised that Apple had “amazing new products still to come this year.”

Apple is selling iPads and iPhones “as fast as we can make them” and “working around the clock to try to get supply and demand in balance,” Tim Cook, the company’s operating chief, said on a conference call with the Wall Street Journal.

He said the company hadn’t seen any decline in iPhone 4 demand because of antenna problems. “My phone is ringing off the hook from people that want more supply,” Mr. Cook said according to the WSJ.

Research company iSuppli is now tipping iPad sales in 2010 to climb to 12.9 million from 7.1 million, saying the only limitation was production capacity, not demand. 

While analysts were also concerned that consumers might hold off buying iPhones in the quarter until the iPhone 4 was released, Apple sold 8.4 million iPhones during the period, up 61 per cent from a year ago.

Overall, the Cupertino, Calif., company posted a fiscal third-quarter profit of $3.25 billion, or $3.51 a share, compared with $1.83 billion, or $2.01 a share a year earlier. Apple reported gross margin of 39.1 per cent, down from 40.9 per cent a year ago.