Apple Smashes Profit Records As iPhone Sales Soar
Apple's Q1 2015 profits were the highest in corporate history.
The company earned an $US18 billion profit, which is more than any other company has earned - ever.
It's revenue of $US74.6 billion in the one quarter was higher than Google's revenue for all of 2014. It was more than Amazon, Google and Microsoft's revenue combined!
The 37% increase in profit saw Apple shares climb by 6%.
The results were largely due to a 45% increase in iPhone sales, equating to 74.4 million iPhones.
iPad Declines 18%
The only negative in the profit announcements was the continuing decline of the iPad, with revenue down 18% from Q1, 2014.
Apple were bullish about the iPad's future despite the sales drop on the five-year anniversary of the tablet.
"I am still very optimistic and bullish on the iPad in the long run, as I've said before," said Apple CEO Tim Cook.
"In the short run, I don't think you'll see a miraculous change or improvement. [Part of this is] because the upgrade cycle is longer, it's longer than an iPhone, probably between an iPhone and a PC. We haven't been in the business long enough to say that with certainty but that's what we think."
Cook stressed his belief in Apple's long-term tablet sales, pointing to solid customer satisfaction levels and high first-time buyer rates.
"I see that the first-time buyer rates are very high," he said.
"When you have that kind of buyer rate you don't have a saturated market. When you look at the customer [satisfaction] rates on the iPad it's literally off the charts. When I back up and look at all of these I believe over the long arc of time that the iPad is a great business. That said, I'm not projecting something very different next quarter or the next. I'm thinking over the long run."