Apple has announced its financial results that topped analysts’ forecasts. Booming sales of its flagship models in the holiday season, as well as a 70% increase in sales in China, resulted in the largest profit in Apple’s corporate history. Apple posted quarterly revenue of $74.6 billion compared to $57.6 billion a year ago. Its profit soared to a record $18 billion on the back of total iPhone sales hitting an astounding 74.5 million, while less than 70 million had been expected.
Interestingly, Apple’s main rival Samsung sold almost the same volume of smartphones. Thus, experts say this gives both Apple and Samsung a 19.6% smartphone market share. Lenovo comes in third at 6.5%, holding steady among the world's top smartphone makers after the purchase of Motorola Mobility. Xiaomi Corp., which was among the top three smartphone vendors, is seen to be quite promising though it fell to the sixth place in Q4. LG Electronics was fifth globally.
Thanks to such high results, Apple has cash reserves of about $178 billion, enough to buy IBM. Apple CEO Tim Cook announced that the California-based tech giant will begin shipping its Apple Watch in April. The company also said it will open 40 retail stores in China by 2016.
Congratulations to Apple on its global leadership for the first time since 2011.
