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Apple reports biggest quarterly profit ever by public company

───   09:53 Wed, 28 Jan 2015

Apple reports biggest quarterly profit ever by public company | News Article

New York - US technology giant Apple has reported the biggest quarterly profit ever made by a public company.

Apple reported a net profit of $18bn or R207 billion in its fiscal first quarter, which tops the $15.9bn made by ExxonMobil in the second quarter of 2012, according to Standard and Poor's. Record sales of iPhones were behind the surge in profits. Apple sold 74.5 million iPhones in the three months to 27 December - well ahead of most analysts' expectations. In a conference call with financial analysts Apple's chief executive Tim Cook said that demand for phones was "staggering". However, sales of the iPad continued to disappoint, falling by 18% in 2014 from a year earlier. The demand for Apple's larger iPhone 6 Plus model appeared to help boost profits and increase the iPhone's gross profit margin - or how much Apple makes per phone - by 2% to 39.9%. Apple shares rose over 5% in trading after the US markets had closed. BBC

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