Everyone was expecting a blockbuster fourth quarter from Apple, and the Cupertino-based tech giant didn’t disappoint.
The company reported today that it brought in $74.6 billion in revenue, up $17 billion from the same period a year ago. That’s above analyst expectations of almost $67.7 billion. Unsurprisingly, it was driven by record-breaking sales of the iPhone, which totaled 74.5 million for the quarter. That’s almost 10 million units above analysts’ consensus of 65 million iPhones for the quarter. Sales of its handsets in China were double what they were in the year-ago quarter, though it still sold more iPhones in the U.S., contrary to some estimates.
Apple reported a net profit of $18 billion for the quarter, up from $13.1 billion during the same period a year ago. That’s enough to make this the all time most profitable quarter for a single company. The company reported earnings of $3.06 a share, blowing away analyst expectations of $2.60 a share.
It’s not all sunshine and rainbows for Apple’s iOS business. The company sold 21.4 million iPads during the quarter, which is down from 26 million iPads during the same period in 2013. This marks the fourth straight quarter of iPad sales that were down from the preceding year. CEO Tim Cook has said he’s still bullish on the product, but it seems like Apple’s tablet business isn’t on the same trajectory the company is headed on with its phone business.
Apple’s Mac business continues to do well – the company sold 5.5 million computers, up from 4.8 million units during the year-ago quarter.
Investors are thrilled with the news. As of this writing, shares of the company’s stock were up more than 5 percent in after hours trading.