Apple takes bow, reports on record-breaking quarter
Cupertino cash reserves ‘enough to buy IBM’ as it posts largest quarterly profit in corporate history
Apple's phablet ploy showed signs of bearing fruit yesterday as holiday sales of its iPhone 6 range, including the 6-inch Plus, propelled profits to record levels, Reuters reported.
Boons included a 70% jump in revenues from the Chinese market and international sales represented 65% of quarterly earnings.
But the number that stood out was the company's profit of $18bn, the largest-ever earnings posted by a public company, according to S&P analyst Howard Silverblatt. Apple's cash reserves now stand at $178bn, $556 for every US citizen and enough to buy IBM (assuming it was for sale).
Apple beat analysts' expectations with the sale of 74.5m iPhones in its fiscal first quarter, ended 27 December. Industry projections had averaged below 70m units. Revenue for the period rose 30%, from $57.6bn in the year-earlier period, to $74.6bn.
The company's next big commercial launch is the Apple Watch, Cupertino's first wearable tech, to be launched in April, according to CEO Tim Cook.