Apple announces record-breaking quarter with £14.1bn net profit

Technology giant Apple has posted a record-breaking £14.1bn in net profit for the three months ending December 30  2017.

The world’s most valuable company also posted a 13% increase in revenue to £62.07bn for the same period.

This comes despite a decrease of 1% in the number of iPhones sold during the Christmas period down to 77.3m, well below analysts estimates. Yet the higher price of the latest iPhone X is to believed to be the cause for the increase in revenue despite lower volumes. Apple also said that the sales period was a week shorter than the previous year.

Tim Cook, Apple CEO, said: “We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.

“We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30% in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

Following the announcement Apple issued a sales forecast for coming months, which is slightly weaker than has been forecasted by analysts.