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Apple announces record profits after iPhone 6 sales soar

Apple posted record revenues and profits in the first quarter of the 2015 fiscal year despite huge fluctuations in foreign exchange values with CEO Tim Cook confirming the Apple Watch will finally start to ship to customers in April.

In a conference call earlier today Cook reported that revenue hit $74.6 billion [£49 billion] in Q1, which was up 30 per cent compared to last year and net profit increased to a record $18 billion [£11.8 billion], an uplift of $5 billion [£3.29 billion] compared to last year.

“We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high,” said Apple CEO Cook in a press release.

“Our revenue grew 30 percent over last year to $74.6 billion [£49 billion], and the execution by our teams to achieve these results was simply phenomenal.”

Apple CFO Luca Maestri, who joined Cook on the call, added that if the foreign exchange volatility wasn't there the numbers could have been four per cent higher than those posted.

Q1 was the first quarter that included the Apple iPhone 6 and 6 Plus smartphones that were released in September and the company sold a staggering 74.4 million iPhones in the quarter.

The most popular device, rather predictably, was the iPhone 6, though in some regions the iPhone 6 Plus did indeed outsell its smaller sibling. Apple estimates that it sold some 34,000 handsets per hour and that had a huge bearing on the record revenue numbers.

The iPad performed considerably poorly in comparison, shipments down 18 per cent year-on-year to 21.4 million and revenues fell off 22 per cent to $8.9 billion [£5.86 billion].

Most of the excitement around Apple in recent months has surrounded the Apple Watch, which will be out in April, and Cook admitted that he’s using it every day and there are plenty of developers working on apps ready for its release.

As for its other products, App Store revenue increased 41 per cent, 5.5 million Macs were sold (an increase of 14 per cent) and it was a “truly momentous quarter for iOS” as the one billionth iOS product was shipped.

International sales accounted for 65 per cent of the company’s total line, and Brazil and China reported almost double the amount of iPhones sold when compared to the same period in 2015, and revenue was up 70 per cent in China.

Apple expects to report revenue between $52 billion [£34.2 billion] and $55 billion [£36 billion] in Q2 2015 and we will have wait until the quarter following that to get any idea on how Cook’s favourite new friend the Apple Watch has performed.