Apple records $18bn quarterly profit – the largest in history

Smartphone sales boost figures as iPad sales slide

Apple today confirmed it has kept the doctor away after recording the largest quarterly profit ever made by a public company.

Its $18bn (£11.8bn) quarterly profit has topped the previous figure, recorded in 2012 when ExxonMobil made $15.9bn.

The company sold 74.5 million iPhones in the three months to December 27th. This equates to more than one for every single person alive in the UK. And there are yet more people in line to buy more.

Meanwhile, sales of iPads fell by 18%.

The rapid growth in sales of iPhones has been attributed to Apple’s long-awaited move to handsets with bigger screens seen in the form of the iPhone 6 plus.

In addition to this success, lower priced iPhone 5 models have maintained strong sales as retailers have discounted them to shift units.

Shares in Apple rose by 5.7% in after-hours trading following the results.

Apple CEO Tim Cook described the appetite for the company’s phones as “staggering” during a conference call with financial analysts the BBC reports.

Despite the record quarter, Cook wasn’t entirely happy. He complained that “fierce foreign exchange volatility” had hit the company’s earnings, while the company added that currency fluctuations took 4% off the first-quarter revenue.

Where does the company go from here?

After recording the world’s largest quarterly profit ever, the company has set its self a difficult act to follow. While Apple expects further growth through the strength of its iPhone range, the Apple watch is also set to join the Apple family when it begins shipping in April this year.

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