Cupertino-based tech giant Apple recorded its quarterly net profit at a staggering $18 billion, the biggest quarterly profit ever made by a public company.
The 38% jump in profit is equivalent to a record-high revenue of $74.6 billion. Do some quick math, and you’ll realize that that Apple had been making $8.3 million in profits every hour of the day.
The company enjoyed a surge in sales during the holiday quarter and Christmas season. In fact, it sold more than 74.5 million iPhones in the last three months until December 27, knocking every other forecast on iPhone sales that was pegged by analysts at 65 million. Translate the figures and this is what you’ll get — Apple sold 34,000 iPhones every hour.
Apple CEO Tim Cook said in a statement that the “demand for iPhone has been staggering, shattering” even their own expectations. He added, “We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high.”
The sales of other Apple products like the iPad were down from the previous year by about five percent or 21.4 million iPad units sold. But Macintosh sales reached an all-time record revenue performance with 5.5 million units sold. Products from the App Store also did well during the quarter.
China contributed to the high volume of sales with a total sale of $16.14 billion for the first fiscal quarter. Apple is now leading the smartphone market in China, followed by Xiaomi and Samsung.
Watch out for Apple Watch
Cook also eagerly announced that the much-anticipated Apple Watch is due for worldwide shipping starting March.
He revealed no more about the flashy wearable aside from saying that the Apple Watch is “incredibly exciting.” The Apple Watch is the company’s most personal device to date.
“We can’t wait for our customers to experience them when Apple Watch becomes available,” Cook said.
The Apple Watch was launched in September last year.
Here are the dibs on profits earned by other tech companies:
- Facebook: $701 million for the last quarter of 2014, or a 34% increase from the same period a year ago. Total profits for the 2014 were $2.9 billion or almost double from 2013 figures.
- Microsoft: the company announced revenues of $26.5 billion for the last quarter of 2014.
- Samsung: the Korean tech giant’s profit dipped by almost 36% at $4.87 billion. Last quarter revenues were at $48.6 billion.
Note: This official statement from Apple was quoted in this story.