Apple breaks sales records with iphone6...made $18BILLION in quarterly profit

Apple today announced a record quarterly profit of $18billion (£11.8bn) - the biggest ever made by a public company.

The U.S. tech giant also posted record revenue of $74.6 billion (£49.2bn) for the three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark.

Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and bigger than the £95billion budget for Britain's National Health Service.

Its landmark performance was driven by record-breaking sales for its iPhone 6 and 6 plus, with the firm revealing it sold 34,000 handsets every hour for the entire quarter.


It also confirmed the eagerly anticipated Apple watch will go on sale in April. Apple said it sold 74.5 million iPhones in total, beating analysts' expectations for the latest models of its most popular gadget that were introduced in September.
The surge in iPhone sales drove the company's total revenue to $74.6 billion, up 30 per cent from a year earlier.

This means its annual sales would beat the GDP of Israel ($264billion) and rank it around 50th in the world's richest countries.

In turn, the the net profit of $18bn (£11.8bn) is the highest ever recorded by a public company, beating the previous record of $15.9bn (£10.4bn) set by ExxonMobil in 2012.

Apple CEO Tim Cook, said: 'Demand for iPhone has been staggering, shattering out high expectations. This volume is hard to comprehend.

'We sold about 34,000 iPhones every hour, 24/7 for the entire quarter. We have sold over a billion devices running iOS.'

Since taking over as CEO in 2011 following the death of Steve Jobs, the company has doubled its profits.It is also already the world's most valuable firm with a market capitalisation of $650billion (£428.5 billion).

However much of its $178billion cash pile is tied up in tax havens like the Kayman Islands and Ireland which means it is not being used in the United States.

The stock has gained more than 50 per cent over the last year and rose by five per cent in after-hours trading on Wall Street last night.

Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: 'Apple has delivered a staggeringly successful quarter, as sales of its flagship iPhone products soared over the period.

'One of the main drivers for the success was the company's increasing exposure to the Chinese market, whilst there were also strong contributions from the likes of Singapore and Brazil.'

Cook also confirmed the firm's plan for Apple Watch were on track.

'Development for Apple watch is right on Schedule, and we intend to begin shipping in April,' he said.

'We can't wait for customers to experience it. My expectations are very high, I use it every day, love it and can't live without it.'