Apple Smashes Profit Records

You may have heard the latest news from Apple, that they’ve made their way into the record books by recording a quarterly profit that is the highest in corporate history, and that for a company that’s already the highest valued technology company on the stock market.

$18bn or $11.9bn profits for the third quarter of the year, that’s even higher than records set previously by oil giants Gazprom and ExxonMobil – remarkable, and it just goes to show how Apple products continue to win our hearts and minds.

Tim Cook, the Apple chief executive is naturally delighted and christened the sales performance as ‘phenomenal’, and stated that Apple sold the equivalent of 34,000 iPhones per hour, during each day of the quarter, a staggering volume of sales that is ‘hard to comprehend’.

In the 3 months leading to the end of 2014, people bought 74.4 million iPhones, beating even the most upbeat analyst forecasts, as the iPhone 6 and iPhone 6 Plus sales took flight over the festive season, and became the new must have in China. Chinese sales rose by 70% compared to the previous year, and in the US went up 23% and in Europe 20% – respectable performances all round.

Revenues grew 30% to achieve $74.6bn for that crucial 3rd quarter, beating the previous record of $51m in 2013, and were comfortably ahead of the forecast $67.5bn which analysts had expected, and Apple are now cash rich with a whopping $178bn cash reserves.

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iPads, on the other hand, sold less than analyst predictions in the last quarter, but they still sold 21.4m of the devices.

Not surprisingly, Apple shares leapt up at the news of the record profits, they gained 5% after trading hours, and the stock market valuation is now $650bn, proving that the gamble to make an iPhone with a large screen to beat off challenges by rivals who already produced one, has paid off big time.

Tim Cook is reported to have received a pay packet that doubled in size last year to $9.2m (I wonder how he manages on that paltry sum, ah well!) and a new head of retail came into the firm on a sign-on package and wages that totalled $73.3m – wow.

iPhone prices make interesting reading too – the iPhone average price rose by $50 over the 4the quarter, compared to a year ago, and the iPhone 6 is $100 more than any previous Apple flagship model, so selling more iPhones at a higher price; it doesn’t get better than this.

Apple is now said to be preparing to sell the Apple Watch (or iWatch as it was originally thought to be called), and are looking at an April launch date. This is the first truly new product under Cook’s rule since he took over in 2011 – expectations are high and it’s certainly one to watch.

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