Apple beats Street estimates; 16M iPhones, 7M iPads sold in Q1

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Apple beats Street estimates; 16M iPhones, 7M iPads sold in Q1

This just in:

Apple's financials for the first fiscal quarter ending December 31, 2010 are in, and Apple easily beat the Street.

Revenue for the first quarter rose to $26.7 billion, with earnings per share at $6.43. Apple's gross margin, which is always quite high, was at 38.5%. Wall Street estimates were modeling $24.43 billion in revenue, and EPS of $5.40, with a gross profit margin of 27%.

During the quarter, Apple sold 16.24 million iPhones, 7.33 million iPads, 4.13 million Macs and 19.45 million iPods. More news coming up shortly during our liveblog.

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