For its 2011 fiscal year, Apple said its revenues were $108 billion, an increase of 66% over 2010 results. Earnings for the year were $26 billion, up 85% over the 2010 number. Apple sold 72 million iPhones and 32 million iPads in 12 months.

In the year's last quarter, Apple sold 17 million iPhones. In Q4, Apple sold 4.98 million Macs, a new record, and a 21% increase compared to the year-ago quarter. MacBook Air growth was very strong, and desktops grew also thanks to iMac demand. And that was despite some admitted "cannibalization" of Mac sales. "Some people are choosing to buy an iPad instead of a Mac," said Apple CEO Tim Cook. "But a higher percentage are choosing to buy an iPad instead of a Windows PC….So I hope that kind of cannibalization continues."

Sales of iPads set a new record for the quarter: 11.1 million compared to just over 4 million in the year-ago quarter.

Cook declined specific comments on the company's patent litigation efforts. "As you know, we spend a lot of time and money and resources in coming up with incredible innovation, and we don't like it when someone else takes those," he said. "Unfortunately, we've been pushed into the court system as a remedy."

Executives said they expect Q1 revenues through December, with 14 weeks instead of 13 this year, of about $37 billion, and diluted earnings per share of about $9.30. Executives expect record iPhone, iPad and Mac sales yet again. One area to bear watching will be consumer uptake of the new, lowered prices for iPhone 4 ($99) and the free iPhone 3GS, both with two-year service contracts.