The shares of iPhone maker, Apple Inc. (NASDAQ:AAPL), soared in excess of 5 percent after the Cupertino based company announced its first quarter 2015 financial results. The tech giant registered one of the most profitable quarters in its history along with record sales figure for its flagship product, iPhone.
Apple reported net profits of $18 billion in its first quarter 2015, which is the highest ever for any publicly traded company throughout the world. Apple Inc. (NASDAQ:AAPL) reported net revenues of $74.6 billion against the revenues of $57.6 billion in the previous year quarter. According to the iPhone maker, these results were possible because of a record sale of iPhone and Mac devices.
Tim Cook, CEO of Apple, said,
“We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high. Our revenue grew 30 percent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal.”
Cook further said that the company would release its next product, Apple Watch, in April this year. Apple Inc. (NASDAQ:AAPL) now has a cash pile of $178 billion and the market experts said that these results are good for the market concerning the poor quarterly results from other tech giants including Microsoft Corporation (NASDAQ:MSFT) and IBM.
Another excellent outcome was the success of iPhone 6 and iPhone 6 Plus devices in China and Apple reported 70 percent increase in its revenue in China. The iPad maker is likely to have up to 40 company stores by mid-2016 in greater China.
While talking about Apple Pay, Tim Cook said that the service had its “first inning” and the iPhone maker would add more features to it in the upcoming days. It is important to note that Apple Pay has recently collaborated with Western Union to promote its mobile payment service.
This article has been written by Prakash Pandey.