Apple says it has Generated the Largest Profit in the History of Mankind

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Apple reported the largest net income of any public company in history in the three months to December, as record iPhone sales of 74.5m units beat even the most bullish Wall Street forecasts.

“Demand for iPhone has been staggering, shattering our high expectations,” said Tim Cook, chief executive. “This volume is hard to comprehend.”

Apple has now shipped more than 1bn iPhones, iPads and iPods running its iOS operating system that launched in 2007.

Apple’s net profit grew 37 per cent to $18bn, topping ExxonMobil’s previous quarterly record of $15.9bn in 2012, according to S&P Dow Jones Indices.

The financial results and the iPhone’s strong performance come as a vindication for Mr Cook, who has seen off questions over whether anyone could succeed Apple’s late co-founder Steve Jobs. With pressure building to maintain the iPhone’s momentum, Mr Cook faces his next test in April with the launch of the Apple Watch, its first new device since the death of Jobs.

Sales of the iPhone leapt 46 per cent over the prior year in the crucial holiday shopping quarter, driven by the highest number of first-time buyers since the smartphone launched in 2007. Analysts say the performance brings Apple close to reclaiming its title from Samsung as the world’s largest smartphone maker by volumes.

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SOURCE: Tim Bradshaw
Financial Times

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