Apple's Q1 sales hit a record $74.6bn - its biggest ever quarterly profit

Apple's first quarter sales hit a record $74.6bn, far exceeding its earlier prediction of earnings between $63.5bn and $66.5bn.

The sales surge saw it rake in $18bn in revenue for the last three months - up from $13.1bn - making making it the highest quarterly revenue any company has ever reported.

These high numbers are due in part to the launch of iPhone 6 and iPhone 6 Plus, with the company selling 74 million phones - about 34,000 each hour - in the last three months. While the breakdown of what phones make up what percentage of these sales was not released, chief executive Tim Cook assured the public that the newest phones were the most popular.

“We believe that it’s the best smartphone in the world,” he said. “We’re doing well in virtually every corner of the world.”

Internationally, Apple saw a 20 per cent increase in sales in developed nations, and a 58 per cent increase in emerging ones.

This increase in its global customer base has increased Apple’s interest in other nations, specifically China. The tech company hopes to open 40 new stores in greater China by mid 2016.

Meanwhhile, Apple Pay also made an impact on the mobile-pay community, despite only being launched three months ago.

So far, 750 banks and credit unions have signed up for the service, which is now available in grocery stores, vending machines, and laundromats across the nation. The service has quickly grown, accounting for two out of every three dollars spent using a touchless pay service.

According to sandwich-chain, Panera, Apple pay accounts for 80 per cent of all its mobile transactions.

Revenues for the tech company are only expected to grow as they begin shipping the much-anticipated Apple Watch early this April.

Join us, it's free.

Become a member to get access to:

  • Exclusive Content
  • Daily and specialised newsletters
  • Research and analysis

Join us, it’s free.

Want to read this article and others just like it? All you need to do is become a member of The Drum. Basic membership is quick, free and you will be able to receive daily news updates.