US technology giant Apple has reported the biggest quarterly profit ever made by a public company.
Apple reported a net profit of $18bn (£11.8bn) 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 22% in 2014 from a year earlier.
Apple quarterly results
(£11.8bn) – biggest ever by a public company
(£93bn) net cash reserves
- 74.5m number of iPhones sold
- 39.9% profit per product
- 22% fall in sales of iPads
Apple (Figures for three months to end December 2014)