iPhone 5s
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Clare Burnett

Apple reports record quarterly profit growth to £11.8 billion

Apple has reported record quarterly profits of $18 billion (£11.8 billion) for the final three months of 2014, despite iPad sales being down 22%.

The tech firm’s financial performance was driven by a new range of larger iPhones, with 74.5 million handsets sold between October and December.

It had been predicted that Apple’s total revenues would be $53.6 billion (£35 billion) for the quarter - but according to Apple’s CEO, Tim Cook, this was closer to $74.6 billion (£49 billion).

Apple is currently the world’s most valuable company, with a market capitalisation of $651 billion (£428 billion).

However the future may not be so bright as iPad sales are down 22% in the last quarter, there have been warnings that growth in the smartphone sector is beginning to slow and it remains to be seen whether the smartwatch Apple aim to launch this year will be a hit with customers.

The iPhone accounts for two-thirds of Apple’s revenue and China sales rose 70% on the year, thanks to the larger screens of the iPhone 6 and iPhone 6 Plus.

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