US tech giant Apple reports largest quarterly profit in history

US technology giant Apple, has reported the biggest quarterly profit of 18 billion US dollar.

It is the biggest quarterly profit ever made by any public company in World and broke the previous record of ExxonMobil which had earlier topped by making $15.9 billion profit in 2012.

Apple’s revenue had grown to $74.6 billion in 2014 from $57.6 billion in 2013 i.e. reporting 30% increase in profit.

The main reason for Apple’s profit is record sale of iPhones. The company has sold 74.5 million iPhones in quarter ending December 2014 with 39.9% profit per product.

Apple’s impressive profit comes after it shifted towards the massive untapped potential of Chinese market and partnering with China Mobile Limited the largest global mobile carrier.

Company sales in China had hit $16 billion in 2014- a 70% increase from 2013 and almost equalling the $17 billion in sales the company recorded in Europe 2013.

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Categories: Business & Economy Current Affairs 2017Science and Technology Current Affairs - 2017

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