Largest quarterly profit in history reported by Apple

UploadsNewsArticle4497806main

Apple reported a net profit of $18bn during the first quarter of 2015, marking the largest ever profit reported by a public firm, even surpassing the $15.9bn reported by ExxonMobil in 2Q12.

During the quarter, the iPhone maker generated record revenue of $74.6bn, up 30% compared to the $57.6bn generated during the corresponding quarter last year.

Apple CEO said Tim Cook 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 percent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal."

Sales of Apple’s iPhones topped 74.5 million during the period, rising by 46% over the prior year during the holiday shopping quarter, mainly fuelled by massive first-time buyers.

The demand for Apple’s latest larger iPhone 6 Plus model helped in boosting profits, increasing the iPhone’s gross profit margin by 2% to 39.9%.

Apple sold over a billion iPhones, iPads and iPods powered by its iOS operating system. However, sales of the iPad plunged by 18% when compared to a year earlier.

Apple CFO Luca Maestri said: "Our exceptional results produced EPS growth of 48 percent over last year, and $33.7 billion in operating cash flow during the quarter, an all-time record."

"We spent over $8 billion on our capital return program, bringing total returns to investors to almost $103 billion, over $57 billion of which occurred in just the last 12 months."

Another report from Canalys revealed that Apple smartphone shipments in China surpassed Samsung and other domestic firms including Xiaomi for the first time.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

Favourites

  • Favorite list is empty.
FavoriteLoadingClear favorites

Your favorite posts saved to your browsers cookies. If you clear cookies also favorite posts will be deleted.