Thanks to the massive consumer demand for the iPad eating away into PC sales, Apple has reported a higher quarterly profit than rivals Microsoft for the first time in 20 years, reports Bloomberg News. Microsoft’s net income for the quarter was US$5.23 billion, short of Apple’s US$5.99 billion and Bloomberg stated that the last time Apple reported a stronger profit than Microsoft was in 1991. Netbooks were hurt most by the iPad, with sales plunging 40%. “You have to live underneath a rock not to know that the iPad has taken a large share from the netbook,” an analyst told Bloomberg. “That’s a market where Microsoft continues to give up territory to Apple.”