iPhones Current Affairs

Apple Inc. becomes first company worth over $700 bn in global corporate history

US technology giant Apple Inc. became the first company to reach a market value of $700 billion.

It was able to hit this milestone after its shares rose 1.9 per cent and closing at $122.02, which in turn increased company’s market value to $710 billion.

Earlier in January 2015, Apple Inc had recorded highest quarterly profit of 18 billion US dollar in corporate history worldwide after the company sold 74.5 million iPhones in quarter ending December 2014.

With its $710 billion market value Apple is far ahead from the number two company, oil giant Exxon Mobil, which is worth around $382 billion in terms of market value.

About Apple Inc

  • Apple Inc. is California based technology giant that designs, develops, and sells consumer electronics, computer software, online services, and personal computers.
  • It is best-known for its niche hardware products which includes Mac line of computers, the iPod media player, the iPhone smartphone, and the iPad tablet computer.
  • Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976 to develop and sell personal computers. Later in 1977, it was incorporated as Apple Computer.
  • It was renamed as Apple Inc. in 2007, to reflect its shifted focus towards consumer electronics.
  • At present, Apple is the world’s second-largest information technology company by revenue after Samsung Electronics, and the world’s third-largest mobile phone maker.

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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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