Apple have reported the largest public company quarterly profit ever. It says that it made a profit of $18 billion during its first financial quarter. The previous record is thought to be the $15.9 billion made by ExxonMobil in Q2 2012.
The profits are being attributed to record iPhone sales, with the tech giant selling 74.5 million handsets in the three months leading up to 27 December, beating analyst expectations. Apple boss Tim Cook has described recent demand for the phone as “staggering”.
Nonetheless, sales of the iPad were disappointing, perhaps due to the number of affordable high-performance tablets on the market. It’s though that the profits were driven in part by the demand for the large iPhone 6 Plus. Apple’s profit margins are now up 2% to 39.9%, but the company did not give a breakdown of sales for individual handsets. The profits led to shares in the company rising by 5%. Apple has also become the biggest smartphone company in China recently. Apple’s newest device, the Apple Watch, is scheduled for shipping in April.
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