Apple may not be selling as many iPads as it did with its older versions, but its important to note that in the last three months, they did make a lot of money. They may not be doing as well as the previous quarter but did way better than last year and pretty much anyone else who produces and sells products.
Apple's first quarter of 2012 saw $39.2 billion in revenue and a net profit of $11.6 billion on sales of 35.1 million iPhones and 11.8 million iPads. Macs sales were up slightly and iPod sales tumbled.
Put another way: this is Apple's second-biggest quarter ever. By a decent margin. Oh, and now it's sitting on $110 billion in cash.