Apple posts highest quarterly profits of any public company

28th January 2015

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Apple has posted the biggest quarterly profit ever recorded by a publicly-owned company as sales of its larger handset, the iPhone 6, soared over Christmas.

The US technology giant said it made a net profit of $18bn, equivalent to ¬£11.8bn, in its first quarter, thanks to record sales of iPhones. It sold nearly 75 million of the handsets in the three months to the end of December, beating analysts’ forecasts.

The closest that another company has come to this  record was ExxonMobil, which recorded a quarterly profit of $15.9bn in 2012.

Revenues were up 30 per cent on a year earlier at nearly $75bn higher Net profits of $18bn were 38 per cent higher than the same time last year. The company reported earnings per share rose by 48% to $3.06, compared to analysts’ forecasts of $2.60 a share on revenue of $67bn.

Apple’s chief executive Tim Cook said that demand for phones was “staggering”, although iPad sales were down by 18% year-on-year.

The company did well in China, with analysts reporting that it sold more smartphones than other company in the latest quarter. In China, its revenue rose 70% to $16.1 billion.

Apple Pay, which allows customers pay using their iPhone with a wireless reader, accounts for two of every three dollars spent via contactless payments on Visa, Mastercard or American Express.

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