Apple set new world record for quarterly profit by any company
According to credit ratings giant Standard & Poor’s, Apple just set a new world record for the most profitable quarter for any company in history. Apple’s Q1 earnings report was released yesterday which also stated that the company surpassed its own expectations in terms of revenue and sales. Apple’s net profit stands at $18 billion for Q1, overtaking the previous record set by ExxonMobil company for $15.9 billion profit in a quarter back in 2012.
In the report, Apple also highlighted some of the key figures related to company’s products and services. Apple’s Q1, 2015 revenue stands at $74.6 billion out of which $18 billion is made in profits during the said quarter. Apple also mentioned that it shipped its 1 billionth iOS device back in November last year.
An interesting fact to note here is that iPhones are the major shareholders in Apple’s revenue with a total of 69% share in revenue. Apple sold over 74.4 million iPhones in this quarter which equates to about 34,000 iPhones sold per hour with an average price of $687 per iPhone. The credit for high sale rate of iPhones goes to the latest two models – iPhone 6 and iPhone 6 Plus.
Both the revenue and profit also saw increase due to Apple’s highest yield of revenue in China throughout the years. According to the report, China revenue went up by 157% to $16.1 billion.
Apple now has $178 billion in cash as of now. Apple is making money faster than it can actually spend. It can acquire stocks of other companies or can even buy full stocks of few companies but it’s a lot of paper work. Whatever the case is, this cash is surely going to increase in the upcoming months as Apple prepares to launch its next big product, the Apple Watch.