Apple records whopping quarterly profit of $18.4 billionBy Tim Schiesser
Apple's financial results for the first quarter of their fiscal 2016, which ended on December 26, 2015, have revealed the company amassed $75.9 billion in revenue for profits of $18.4 billion. The amount of profit Apple generated during this quarter is particularly staggering: it's the largest ever by a single publicly-traded company.
While Apple recorded good financial figures, the company saw essentially no growth in iPhone sales compared to the same quarter last year. Over the past three months, Apple managed to sell 74.8 million smartphones, compared to 74.5 million at the end of 2014. Regardless of no growth, it is still a astonishing figure.
iPad sales continue to decline despite the launch of the iPad Pro, recording 16.1 million sales in the past quarter compared to 21.4 million the previous year. Mac sales were down slightly, coming in at 5.3 million sales compared to 5.7 million the same quarter last year.
Apple's revenue and profit managed to grow slightly relative to the same period last year despite declines in sales of several key products. This can mostly be attributed to increased revenue for Apple's services and "other products," which includes the Apple Watch, new Apple TV, as well as Apple Music.
News isn't as good for the upcoming quarter. Apple expects revenues to fall in the $50-53 billion range, which, while still a huge figure for any company, would be a decline compared to the $58 billion the company made in the same quarter last year.