Apple Inc. (AAPL) Posts Biggest Profit Ever In Corporate History

Apple Inc. (NASDAQ:AAPL) reported the biggest quarter ever in a corporate history shipping away record number of iPhones. The company sold a whopping 75.5 million iPhones in the last three months resulting in a profit of $18 billion outpacing the previous record profit of $16.2 billion by Gazprom’s during the first quarter of 2011, according to a report from CNN by David Goldman.

Apple iPad sales decline

Apple Inc. (NASDAQ:AAPL) posted a brilliant $74.6 billion in sales, an increase of approximately 30% from the corresponding quarter of the previous year. Although it is not in the vicinity to the global corporate record, it is the best quarterly revenue posted by Apple till date.

“Interest in Apple products is at an all-time high … shattering our high expectations,” said CEO Tim Cook, on a conference call with the analysts. “This volume is hard to comprehend.”

MacBook sales surged 15% to a record of 5.5 million, and according to Apple, iTunes sales also topped the record whereas iPad sales dropped again, tumbling 18% to 21.4 million.

China provided a great push to sales

Apple Inc. (NASDAQ:AAPL) has posted the best quarter till date, thanks to its deal with China and expanding foothold in the region. The iPhone maker has never crossed the 51 million iPhone sales in a quarter, a record set last year. However, this sales figure came in before the deal with China’s biggest mobile provider, China Mobile (which went into effect in the first quarter of 2014). The deal marked a major move forward for Apple giving away two of the most successful quarters. Apple’s China sales hiked 70% in the last quarter. For the first time, Apple sold more iPhones in China compared to the United States.

What Apple has achieved in China, was seemed to be an unrealistic dream far from becoming the reality, but Apple or we can say the iPhone has made it possible. The obvious reasons backing such assumptions was the brand name that Apple enjoyed in the United States did not hold same significance in China owing to the presence of domestic smartphone makers in the country.

Following the results, Apple Inc. (NASDAQ:AAPL) shares surged 5% in the after-hours trading.