While Apple is raking in money on the hardware side of the business, the company is doing pretty well selling its apps too. Jim Dalrymple from LoopInsight reported today that the iOS version of iPhoto has hit 1 million users.

At $4.99 a pop, that equals almost $5 million dollars into Apple’s coffers in just 10 days of release.

The app was announced during the new iPad’s unveiling earlier this month and, like the Mac version, allows users to edit, browse and share their photos.

Our own Christine Chan took an in-depth look at iPhoto and was disappointed with the overt dependence on skeuomorphism. She also said that the iOS version is more confusing than its Mac cousin.

If you’re looking for other apps to edit photos, take a look at our updated Photo Editing Apps For iPad list.

The new iPhoto is a universal app for both the iPhone and iPad and is available in the App Store.

Are you one of the 1 million users of iPhoto for iOS? What do you think of the app so far? While it is interesting, I still prefer some simpler apps like Filterstorm and Snapseed.