Apple Reports Largest Profit In History

Apple on Tuesday posted a better-than-expected $3.06 in earnings-per-share in its fiscal first quarter in part due to the popularity of the iPhone 6 during the Christmas season. Revenue of $74.6 billion, up 30 percent over the same quarter last year, also exceeded expectations.

Apple was expected to earn $2.59 per share on revenue of $67.7 billion. The new-media company sold a record 74.5 million iPhones during the quarter, led by sales of the iPhone 6 and 6 plus smartphones. Analysts were predicting that Apple would sell no more than about 70 million iPhones.

Net income in the quarter was $18 billion, up from $13.1 billion a year earlier.