… iPhone sales a record
Apple quarterly results smashed US Wall Street’s expectations, with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history.
The company sold 74.5 million iPhones in its fiscal first quarter ended Dec. 27, while many analysts had expected fewer than 70 million. Revenue rose to $74.6 billion from $57.6 billion a year earlier.
Profit of $18 billion was the biggest ever reported by a public company, worldwide, according to S&P analyst, Howard Silverblatt.
Apple’s cash pile is now $178 billion, enough to buy IBM, or the equivalent to $556 for every American.
Apple’s Chief Executive Officer, Tim Cook said the Cupertino, California-based company would release its next product, the Apple Watch, in April. (Source: Bloomberg)