American multinational corporation, Apple Inc.’s quarterly results trumped Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 per cent increase in China sales, powering the company to the largest profit in corporate history.
Although analysts had expected fewer than 70 million, Apple sold 74.5 million iPhones in its fiscal first quarter ended December 27.
Revenue had also jumped to $74.6 billion from $57.6 billion a year earlier.
Following the development, shares leaped about 5 per cent to $114.90 in after-hours trade.
According to S&P analyst, Howard Silverblatt, profit of $18 billion was the biggest ever reported by a public company, worldwide.
Apple Chief Executive Officer Tim Cook said the Cupertino, California-based company would release its next product, the Apple Watch, in April.