Apple records biggest quarterly earnings in history
During the final three months of 2014, Apple raked in $18 billion, the largest quarterly corporate earnings in history.
Apple, the tech gadget giant, has smashed records to post the largest quarterly corporate earnings figures in global corporate history, raking in an impressive $18 billion in the fourth quarter in 2014.
The significant total beat expectations and surpassed the previous record for quarterly corporate earnings of $16.2 billion which was set by Russian energy company, Gazprom.
Apple’s share price spiked around five per cent higher on the news.
Consumers preferred regular sized iPhone 6
It seems the recent release of the iPhone 6 helped boost earnings, especially as the gadget has recently started to be sold through official channels in China. Around 74.5 million iPhones were sold and a significant proportion of them were sold in China, according to official data.
Apple stated that it plans to open over 40 additional stores in China over the next 12 months.
Despite the bumper earnings, some products failed to record growth in sales on the year. Tim Cook, the CEO of Apple, said that sales of the iPhone 6 Plus were lower than those of the regular iPhone 6. However, he declined to comment further other than saying they noted that some countries tended to prefer the Plus more than others.
iPad sales down on the year
The iPad failed to impress in the last quarter of 2014, as sales were 18 per cent lower than when compared with the same time in 2013.
As the tablet market grows, Apple is receiving more intense competition from low cost but high performance Android based gadgets. However, Apple is ramping up the selection of tablet devices it offers, including the upcoming release of a large 12.2 inch version due later this year.
In the next quarter Apple’s revenue is expected to fall between $52 billion and $55 billion, with analyst’s expectations currently resting a little above the $53 billion mark.