Apple's iPhone drives biggest quarterly profit in corporate history

iPhone 6: sales of the smartphone drove Apple's record-breaking Q1 sales and profits
iPhone 6: sales of the smartphone drove Apple's record-breaking Q1 sales and profits

The company netted $18 billion for Q1, which it also credited to Mac and app sales

Apple has announced a quarterly net profit of $18 billion, the biggest ever reported by a public company, with record sales of 75.4 million Phones fuelling the performance.

The technology giant’s first fiscal quarter, for the three months ending Dec. 27, achieved revenues of $74.6 billion, with international sales accounting for 65% of sales.

Apple also attributed its financial health to sales of Mac desktops and laptops, which grew revenue by 9%, and apps on its App Store.

But while more iPhones than ever were shifted, sales of iPads continued their decline, with the number of units sold falling 18% in 2014 compared to 2013.

Apple’s $18 billion profit beat the previous record for a quarterly profit — $15.9 billion reported by ExxonMobil in the second quarter of 2012, according to Standard & Poor’s.

The tech group’s performance surpassed the expectations of analysts, who predicted $67.5 billion in revenues. In Europe, total sales were $17.2 billion, up 20% year-on-year, but China demonstrated the most fertile market for growth – at $16.1 billion, up 70% from the same quarter last year.

Meanwhile, the company said its Apple Watch was due to go on sale in April.

Tim Cook, Apple’s chief executive, said: "We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high.

"Our revenue grew 30% over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal."

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