iPhone improves Apple profits to record high
With a surplus of $18 billion, Apple has broken the global record for quarterly profits, all credits to its iPhone range of products.
The results, when compared to the revenues of the same quarter last year, has shown an increase in the net profit by $13.1 billion. International sales has contributed to about 65% of the profit for the quarter. Apple CEO Tim Cook said, “We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high.”
The performance was mainly boosted by the sale of the latest devices from Apple including the iPhone 6 and iPhone 6 Plus which quickly gained popularity in the market, just like the predecessors.
Richard Hunter, head of the equities business at Hargreaves Lansdown Stockbrokers said, “Apple has delivered a staggeringly successful quarter, as sales of its flagship iPhone products soared over the period. One of the main drivers for the success was the company’s increasing exposure to the Chinese market, whilst there were also strong contributions from the likes of Singapore and Brazil.”
Apple sold about 21.4 million iPads in this quarter which is 22% less than the sales in the previous year and the suggestions from experts point out that the lowering of the price of iPad Mini to below £200 might increase the sale of the tablets from Apple. The company has not published the countrywise break up of the iPhone sales data however, it seems that the company has managed to sell a majority of its devices in China in the last quarter than other companies.