Apple yesterday revealed that its profits for just the past three months of 2014 were $18billion (£11.9billion). That figure put it ahead of the record set by the multi-national oil giant ExxonMobil in 2012, which was being carried along on the tide of a surge in global oil prices at the time.
In Apple’s case, its success has been built on sales of latest iPhone 6 and 6plus, which has a larger screen.
Staggered: Apple’s chief executive Tim Cook and his staff can hardly believe their own success
It sold a record 74.5 million iPhones in the three months before Christmas, which drove the company’s revenues up by 30 per cent to $74.6 billion (£49.2 billion).
Apple and its chief executive, Tim Cook, said they were ‘staggered’ by the success of the iPhone 6, which had achieved far higher sales than it or City experts had expected.
The net effect is that Apple, which is the world’s most valuable company with a market capitalisation of $650 billion (£428.5 billion) has so much money that it does not know what to do with it.