Apple today announced a record quarterly profit of $18billion (£11.8bn) - the biggest ever made by a public company. The U.S. tech giant also posted record revenue of $74.6 billion (£49.2bn) for the three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark. Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and bigger than the £95billion budget for Britain's National Health Service. Its landmark performance was driven by record-breaking sales for its iPhone 6 and 6 plus, with the firm revealing it sold 34,000 handsets every hour for the entire quarter. Apple said that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating analysts' expectations for the latest models of Apple's most popular gadget, introduced in September. The surge in sales of Apple's signature smartphones helped make up for an expected decline in sales of iPad tablets. The company sold 21.4 million iPads, down 22 percent from a year earlier. Sales of Mac computers rose 9 percent, and Apple saw overall revenue gains in all geographic regions. Apple said  it sold 74.5 million iPhones in total, beating analysts' expectations for the latest models of its most popular gadget that were introduced in September. It also confirmed the eagerly anticipated Apple Watch will go on sale in April. The surge in iPhone sales drove the company's total revenue to $74.6 billion, up 30 per cent from a year earlier. This means its annual sales would beat the GDP of Israel ($264billion) and rank it around 50th in the world's richest countries. In turn, the the net profit of $18bn (£11.8bn) is the highest ever recorded by a public company, beating the previous record of $15.9bn (£10.4bn) set by ExxonMobil in 2012. Apple CEO Tim Cook, said: 'Demand for iPhone has been staggering, shattering out high expectations. This volume is hard to comprehend. 'We sold about 34,000 iPhones every hour, 24/7 for the entire quarter. We have sold over a billion devices running iOS.' Since taking over as CEO in 2011 following the death of Steve Jobs, the company has doubled its profits. It is also already the world's most valuable firm with a market capitalisation of $650billion (£428.5 billion). However much of its $178billion cash pile is tied up in tax havens like the Kayman Islands and Ireland which means it doesn't find its way back to shareholders. The stock has gained more than 50 per cent over the last year and rose by five per cent in after-hours trading on Wall Street last night. Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: 'Apple has delivered a staggeringly successful quarter, as sales of its flagship iPhone products soared over the period. 'One of the main drivers for the success was the company's increasing exposure to the Chinese market, whilst there were also strong contributions from the likes of Singapore and Brazil.' Cook also confirmed the firm's plan for Apple Watch were on track. 'Development for Apple watch is right on Schedule, and we intend to begin shipping in April,' he said. 'We can't wait for customers to experience it. My expectations are very high, I use it every day, love it and can't live without it.' Apple's iPhone 6 and 6 plus are the key to the huge rise is sales - showing consumers do want big screen handsets. Net income rose 38 per cent to $18billion, as Apple reported earnings of $3.06 a share. Analysts surveyed by FactSet were expecting earnings of $2.60 a share on revenue of $67.39 billion. Apple forecast revenue for the current quarter between $52 billion and $55 billion. The midpoint of that range is just below the average analyst estimate of $53.6 billion for the period ending in March, when sales typically fall from their holiday season peak. Apple Chief Financial Officer Luca Maestri said in an interview that revenue for the current period will increase between 14 and 20 percent from a year ago, despite the strong dollar, which has forced other companies to lower their forecasts. 'We feel very good about the March quarter,' Maestri added. Apple has set records with each new version of its iPhones. By comparison, the company sold 51 million smartphones during the holiday quarter in 2013, when its iPhone 5s and 5c models were new on the scene. Bigger screens are one reason for the popularity of the iPhone 6 and 6 Plus. Apple had resisted when other companies such as Samsung began introducing smartphones with bigger screens. But its iPhone 6 has a 4.7-inch screen, measured diagonally, while the 6 Plus screen measures 5.5 inches. That compares to a 4-inch screen on iPhone 5 models. Now - although Samsung sells more phones globally - Apple makes more just from the iPhone itself. 'It took Apple a long time to come to grips with the fact that the market did want the bigger screen,' said Gartner tech analyst Van Baker. 'They finally closed the gap on a feature they were missing, which their competition had capitalized on.' The surge in sales of Apple's signature smartphones helped make up for an expected decline in sales of iPad tablets. The company sold 21.4 million iPads, down 22 percent from a year earlier. Sales of Mac computers rose 9 percent, and Apple saw overall revenue gains in all geographic regions. The new models also helped Apple increase its share of the China market. Apple doesn't break out iPhone sales by country, but a report issued Tuesday by research firm Canalys estimates that Apple sold more smartphones in China during the last quarter than any other maker, including South Korea's Samsung and the Chinese companies Huawei and Xiaomi. Still, some experts worry that Apple's strength could become a weakness. Apple makes more money from iPhones than any other product, including its iPods, iPads and Mac computers. The firm is set to unveil its next product, Apple Watch, later this year. That could leave it vulnerable as the overall smartphone market shows signs of slowing growth, warned BGC Partners analyst Colin Gills, who noted in a recent report that Apple depends on iPhones for nearly two-thirds of its revenue. As Apple continues to set records for iPhone sales, that also makes it more difficult to show big increases next year. And it's unclear what will emerge as Apple's next big hit. While Apple plans to start selling its long-awaited smartwatch this spring, analysts say it's difficult to predict consumer demand. Other companies have had limited success with similar gadgets. Apple shares closed Tuesday at $109.14, down 3.5 percent, but rose over 5 percent in after-hours trading on the report. The stock has gained more than 50 percent over the last year, making Apple the world's most valuable company with a market capitalization of $651 billion.
Tech giant sold 34,000 iPhones an hour during the quarter to December 31 .
Record revenue of $74.6bn - up 30% - more than quarterly GDP of Israel .
Its cash pile of $178bn is now the equivalent to $556 for every American .
Surge in iPhone sales due to new big screen models drove the company's .
But iPad sales were down to 21.4 million - a 22% drop from a year earlier .
Firm says it has now shipped over a billion devices running ioS .
Apple today announced a record quarterly profit of $18billion (£11.8bn) - the biggest ever made by a public company. The U.S. tech giant also posted record revenue of $74.6 billion (£49.2bn) for the three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark. Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and bigger than the £95billion budget for Britain's National Health Service. Its landmark performance was driven by record-breaking sales for its iPhone 6 and 6 plus, with the firm revealing it sold 34,000 handsets every hour for the entire quarter. Apple said that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating analysts' expectations for the latest models of Apple's most popular gadget, introduced in September. The surge in sales of Apple's signature smartphones helped make up for an expected decline in sales of iPad tablets. The company sold 21.4 million iPads, down 22 percent from a year earlier. Sales of Mac computers rose 9 percent, and Apple saw overall revenue gains in all geographic regions. Apple said  it sold 74.5 million iPhones in total, beating analysts' expectations for the latest models of its most popular gadget that were introduced in September. It also confirmed the eagerly anticipated Apple Watch will go on sale in April. The surge in iPhone sales drove the company's total revenue to $74.6 billion, up 30 per cent from a year earlier. This means its annual sales would beat the GDP of Israel ($264billion) and rank it around 50th in the world's richest countries. In turn, the the net profit of $18bn (£11.8bn) is the highest ever recorded by a public company, beating the previous record of $15.9bn (£10.4bn) set by ExxonMobil in 2012. Apple CEO Tim Cook, said: 'Demand for iPhone has been staggering, shattering out high expectations. This volume is hard to comprehend. 'We sold about 34,000 iPhones every hour, 24/7 for the entire quarter. We have sold over a billion devices running iOS.' Since taking over as CEO in 2011 following the death of Steve Jobs, the company has doubled its profits. It is also already the world's most valuable firm with a market capitalisation of $650billion (£428.5 billion). However much of its $178billion cash pile is tied up in tax havens like the Kayman Islands and Ireland which means it doesn't find its way back to shareholders. The stock has gained more than 50 per cent over the last year and rose by five per cent in after-hours trading on Wall Street last night. Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: 'Apple has delivered a staggeringly successful quarter, as sales of its flagship iPhone products soared over the period. 'One of the main drivers for the success was the company's increasing exposure to the Chinese market, whilst there were also strong contributions from the likes of Singapore and Brazil.' Cook also confirmed the firm's plan for Apple Watch were on track. 'Development for Apple watch is right on Schedule, and we intend to begin shipping in April,' he said. 'We can't wait for customers to experience it. My expectations are very high, I use it every day, love it and can't live without it.' Apple's iPhone 6 and 6 plus are the key to the huge rise is sales - showing consumers do want big screen handsets. Net income rose 38 per cent to $18billion, as Apple reported earnings of $3.06 a share. Analysts surveyed by FactSet were expecting earnings of $2.60 a share on revenue of $67.39 billion. Apple forecast revenue for the current quarter between $52 billion and $55 billion. The midpoint of that range is just below the average analyst estimate of $53.6 billion for the period ending in March, when sales typically fall from their holiday season peak. Apple Chief Financial Officer Luca Maestri said in an interview that revenue for the current period will increase between 14 and 20 percent from a year ago, despite the strong dollar, which has forced other companies to lower their forecasts. 'We feel very good about the March quarter,' Maestri added. Apple has set records with each new version of its iPhones. By comparison, the company sold 51 million smartphones during the holiday quarter in 2013, when its iPhone 5s and 5c models were new on the scene. Bigger screens are one reason for the popularity of the iPhone 6 and 6 Plus. Apple had resisted when other companies such as Samsung began introducing smartphones with bigger screens. But its iPhone 6 has a 4.7-inch screen, measured diagonally, while the 6 Plus screen measures 5.5 inches. That compares to a 4-inch screen on iPhone 5 models. Now - although Samsung sells more phones globally - Apple makes more just from the iPhone itself. 'It took Apple a long time to come to grips with the fact that the market did want the bigger screen,' said Gartner tech analyst Van Baker. 'They finally closed the gap on a feature they were missing, which their competition had capitalized on.' The surge in sales of Apple's signature smartphones helped make up for an expected decline in sales of iPad tablets. The company sold 21.4 million iPads, down 22 percent from a year earlier. Sales of Mac computers rose 9 percent, and Apple saw overall revenue gains in all geographic regions. The new models also helped Apple increase its share of the China market. Apple doesn't break out iPhone sales by country, but a report issued Tuesday by research firm Canalys estimates that Apple sold more smartphones in China during the last quarter than any other maker, including South Korea's Samsung and the Chinese companies Huawei and Xiaomi. Still, some experts worry that Apple's strength could become a weakness. Apple makes more money from iPhones than any other product, including its iPods, iPads and Mac computers. The firm is set to unveil its next product, Apple Watch, later this year. That could leave it vulnerable as the overall smartphone market shows signs of slowing growth, warned BGC Partners analyst Colin Gills, who noted in a recent report that Apple depends on iPhones for nearly two-thirds of its revenue. As Apple continues to set records for iPhone sales, that also makes it more difficult to show big increases next year. And it's unclear what will emerge as Apple's next big hit. While Apple plans to start selling its long-awaited smartwatch this spring, analysts say it's difficult to predict consumer demand. Other companies have had limited success with similar gadgets. Apple shares closed Tuesday at $109.14, down 3.5 percent, but rose over 5 percent in after-hours trading on the report. The stock has gained more than 50 percent over the last year, making Apple the world's most valuable company with a market capitalization of $651 billion.
three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark. Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and company sold 21.4 million iPads, down 22 percent iPhone sales drove the company's total revenue to $74.6 billion, up 30 per cent from a year sold over a billion devices running iOS.' Since down 22 percent from a year earlier. Sales of Mac more smartphones in China during the last quarter