US technology giant Apple has reported the biggest quarterly profit ever made by a public company. Apple reported a net profit of $18bn in its fiscal first quarter, which tops the $15.9bn made by ExxonMobil in the second quarter of 2012, according to Standard and Poor’s
The company posted record quarterly revenue of $74.6 billion, up 30% year-on-year, and record quarterly net profit of $18 billion, a 37% increase on the same quarter last year.
Earnings per share were up even more, at 48% to $3.06, reflecting the reduced number of shares outstanding as a result of the company’s on-going share buyback programme. This was also an all-time quarterly record and the results would have been even stronger in the absence of significant foreign exchange headwinds, reflecting the recent strength of the US dollar….