First quarter earnings results from tech powerhouse Apple Inc. revealed one of the highest quarterly profits ever recorded.
The company showed $46.3 billion in sales, and net income reached $13.1 billion, jumping almost 117 percent from the year-ago quarter.
Bloomberg reported that Apple’s total cash earnings now comes to $97.6 billion – which would repay the next two years of Greece’s debt payments. Also, the amount is enough to buy 2,000 tons of gold today.
Apple’s huge success was led by the sale of 37 million iPhones. They also moved 15.4 million iPads, and 5.2 million Mac computers. According to Business Insider, Apple CEO Tim Cook said, "Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline."
According to Forbes, Cook said the iPhone sold really well in the U.S., Japan and Greater China. He called the Chinese demand for the iPhone “off the charts.” Cook says that Apple believes the market for tablets will be bigger than the desktop computer market in the long run, and said tablets outsold the desktop models in the U.S. for the fourth quarter. Cook had no new information about Apple television products.
Apple’s impressive earnings numbers moved the company’s market value to about $416 billion, just under the $418 billion of Exxon Mobil. The companies have been right around the top of the S&P 500 for six months.
Keith Goddard, CEO of Capital Advisors Oklahoma said, according to SFGate.com, "This shows that the business model has momentum without Steve Jobs."
The earnings report was the first full quarter under CEO Cook, after Jobs left the position in August.