Apple reports largest profit in history

Apple's quarterly results show largest net profit of any public company in history thanks to staggering iPhone sales

Apple has reported the largest quarterly net income of any public company in history.

In the three months to December, Apple sold a staggering 74.5m iPhones, surpassing even the most ambitious of analyst expectations.

Net profit grew 37% to a record breaking $18bn (£11.83bn). The previous quarterly record was held by ExxonMobil, which reported quarterly profits of $15.9bn in 2012.

Revenue stood at $74.6bn, up 30% year-on-year. At the end of the quarter, Apple’s cash position stood at $142bn, up nearly $23bn on the previous quarter. A large portion of the success was thanks to surging demand for iPhones in China. While the US remains Apple’s largest market, revenues in China were up 70% to $16.1bn.

To put the success of iPhone into context, this one branch of Apple’s product portfolio is bigger than the whole of Microsoft.

CEO Tim Cook said that results would have been stronger if it were not for foreign exchange volatility.  The dollar has been performing well against almost all other currencies in recent months.

The one blot on an otherwise clean sheet was iPad sales which dropped by 18% to 21.4m units. With the introduction of the large screen iPhone 6 Plus, it is thought that Apple may have taken a bite out of its own market.

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