If ever there was a company operating at the edge of perfection it would be called Apple, based on its Q1 2012 performance reported by the company yesterday. To put the quarter in perspective, consider the following:

• Apple’s sales for the quarter were 73% higher year-over-year, and profit more than doubled from $6.43 per share in the year ago quarter to $13.87 in the quarter just ended.
• Apple’s profit for the quarter ($13.1 Billion) is higher than Google’s most recent quarterly revenue ($10.5 Billion).
• Apple’s profit for the quarter was three times the profit earned by General Electric in the quarter ($4.1 Billion).
• Apple’s cash and bond balances now total $97.6 Billion (of which $38 Billion was added in 2011). This amount is more than the market caps of all but 52 publicly traded corporations.  The cash/bond  hoard is worth $103 per Apple share.
• Apple’s gross margin rose to 44.7% from 38.5% in the year ago quarter.
• Apple’s quarterly performance was the fourth highest of any corporation ever. The other big quarters were primarily oil companies reporting during quarters of high oil costs.

The core of Apple’s stunning performance was the huge, blow-out sale numbers for the iPhone. This despite the fact that many tech “pundits” called the iPhone 4S a major disappointment.  The market results certainly belie that characterization.

Disclosure: I am long AAPL.