Apple Smashes Records Reporting Highest Profits in History
The juggernaut that is Apple continued to smash records with its latest earnings, posting the biggest quarterly profit of any company in history at $18 billion or $3.08 per share. The tech giant smashed Wall Street estimates, reporting Q1 sales of $74.6 billion, up from last year’s $57.6 billion. Profits were up over 37%. The blockbuster earnings were driven by record numbers of iPhone sales, up 46% following strong holiday sales and high demand from the Chinese market. In just one quarter the company sold a staggering 74.5 million iPhones. That’s around 34,000 per hour. CEO Tim Cook told investors that he has high hopes for Apple’s software platforms including HealthKit and Apple Pay and the forthcoming release of the Apple Watch in April.