Apple Reports Biggest Annual Profit In History

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Apple has recorded the biggest annual profit in corporate history, with record sales of the iPhone helping it to make a whopping $53.4 billion (£35 billion) over the last 12 months. This profit surpassed the $45.2 billion profit ExxonMobil made in 2008 which came on the back of record oil prices.

Though Apple has been facing questions about its ability to maintain the tremendous growth this year and analysts have also suggested that the Apple Watch has got off to a slow start since launching earlier this year, the company said revenue increased by 22% to $51.5 billion in the three months to September 26, the final quarter of its fiscal year. Apple has revealed it sold 48 million iPhones during the quarter which also included the first two days of its new 6s and 6s Plus models’ sale. This is a 22% increase over the last year.

Tim Cook, Apple’s chief executive, said the quarter had been “a very strong finish to a record-breaking year”, and that sales in China had been strong despite recent economic turmoil. Apple expects China to become its biggest market.

Apple’s full-year revenue reached $233.7 billion and annual profits were $53.4 billion which is equivalent to just over $1 billion a week.

The reason of Apple’s success is seemingly the unending popularity of the iPhone, which enjoyed record sales as its reach extended in China. Although iPad sales have fallen, and growth is expected to slow over Christmas, Apple said it planned to keep setting records in the global smartphone market. The company’s forecast for the current quarter, ending in December, suggests it will slightly surpass last year’s record for selling 74.5 million iPhones during the crucial holiday season. The tech giant predicted that sales in the current quarter would be between $75.5 billion and $77.5 billion which is as little as 1% up on the same period last year. This may be partially due to a strong dollar.

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