Apple’s quarterly earnings grabbed the top spot in the history of the world

Apple has recently released the financial results for the first quarter (Q1) 2013 representing about $54.5 billion in revenues and a quarterly net profit of $13.1 billion or $13.81 per diluted share.

This $54.5 billion is on the top of the “Largest Corporate Annual Earnings of All Time” while $13.1 billion in earnings this quarter has been referred to as the 4th largest of all time. Apple has taken the top spot from ExxonMobil, who held the top three spots until this quarter.

Apple quarterly earnings are record high

Apple’s International business helped it a lot in earnings i.e. 61% of the quarter’s revenue came from the international sales.

Among the products, the company saw a good level of increase in the sale of iPhones and iPads while a bad level of decrease in the sales of iPods and Macs. The company has sold 47.8 million iPhones in the quarter as compared to 37 million in the previous year quarter. The company has sold 22.9 million iPads in this quarter as compared to 15.4 million in the previous year quarter. On the other hand, 4.1 million Macs in this quarter as compared to 5.2 million in the previous year quarter and 12.7 million iPods in this quarter as compared to 15.4 million in the previous year quarter.

Among the reasons for reduced sale of iPod and Mac products is that consumers now prefer to purchase iPhone rather than iPod and Macs can be used for a longer time and don’t need to be upgraded.

“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” Tim Cook, Apple’s CEO, said in a statement. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”

Apple's statement (Credit: Apple)

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