Apple has reported a first-quarter profit of US$38 million, or 11 cents per share, in line with analyst expectations. Revenues for the quarter came in at US$1.38 billion, up 37 percent from the year-ago quarter. The quarter’s results included a $24 million restructuring charge, which was offset largely by a $23 million realized gain from equity investments. During the quarter, Apple shipped 746,000 Macintosh systems, as well as 125,000 iPods, as gross margins came in at 30.7 percent. The company expects revenues to increase slightly to $1.5 billion during its second-quarter, with earnings remaining roughly the same.