iPhone sales boost Apple record quarter profit of $13.6bn

Apple has posted quarterly revenue of $58 billion and quarterly net profit of $13.6 billion, in the second most successful quarter as the company continues to ride on the success of the iPhone 6 and 6 Plus.

What's more that company today sits on a cash reserve of $194 billion, more than Microsoft and Google put together.

It has also projected that there's no stopping the iPhone growth chart. It expects the phones to continue to sell, making it tough for the likes of Samsung, LG and HTC which have launched new flagship devices into the market.

The iPhone 6 rally is clearly evident as the during the same quarter a year ago Apple earned a revenue of $45.6 billion and net profit of $10.2 billion.

Most of the sales this quarter has come from markets outside the US especially China and the developing world.

Apple sold 61.2 million iPhones and 4.6 million Macs – a 10 per cent growth year-over-year. International sales accounted for about 69 per cent of the quarter’s revenue. In China alone the iPhone sales increased by 71 per cent year-over-year with 16.8 Billion worth of sales.

iPad on the other hand was the only setback for the company with sales down from 16.4 million last year to 12.6 million units this year.

Tim Cook said the results for this quarter has been one of the best in its history and more people are switching from Android to iPhone following the release of iPhone 6.

“We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” said Tim Cook, Apple’s CEO.

“We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”

In a forward looking guidance for its fiscal 2015 third quarter, Apple said it expects revenue to be between $46 billion and $48 billion and gross margin between 38.5 per cent and 39.5 per cent.

Within the Middle East itself Apple improved its performance with its market presence improving by almost 2.1 per cent in 2014 compared to the previous year.

It remains to be seen what impact the Samsung Galaxy S6 and the S6 Edge would have on the quarterly sales in the region. The company`s market share fell from 51.5 per cent in 2013 to 43.8 per cent for 2014.