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Apple Announces Record Annual Profit in History

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American multinational technology company, Apple Inc. has recorded the biggest annual profit in its history, with record sales of the iPhone helping it to make $53.4bn in the last 12 months, up by 22%.

That’s more than the $45.2bn made by ExxonMobil in 2008, the world’s most recent record-smashing corporate result, which came on the back of record oil prices.

While iPad sales have fallen, and growth is expected to slow over Christmas, the company said it planned to keep setting records in the global smartphone market.

Speaking to The Associated Press, the chief financial officer of Apple Luca Maestri, said: “We think we can grow iPhone (sales) during the December quarter.”

In the final quarter of its fiscal year, Apple sold 48m iPhones, which included the first two days that it’s new 6s and 6s Plus models went on sale.

Apple’s chief executive, Tim Cook, said the company’s last quarter, ending September ,had been successful and expects bigger sales in China.

He said: “The quarter had been a very strong finish to a record-breaking year.

“Looking at our sales trends I wouldn’t know there’s an economic issue at all in China.”

The company’s forecast for the current quarter, ending in December, suggests it will slightly surpass last year’s record for selling 74.5 million iPhones during the crucial holiday season.