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Apple records the largest company profit in history

appleApple is reeling in money, making the biggest profit ever reported by a company.

The equivalent of $8.3 m is coming into Appleā€™s coffers every hour of the day.

Stronger than predicted sales of iPhones, particularly its iPhone 6, has been the driver. Apple said sales soared by just under 30% in the last three months of 2014.

The jump in sales saw the company's net income go from $13.1bn to $18bn in the quarter, breaking the record for quarterly profit ever reported by a company.

Apple said it sold a record 74.5m iPhones during the period - the equivalent of 34,000 per hour - well ahead of forecasts that it would sell 65m.

Sales of the Apple Mac and from the App Store also were at record levels. Apple said that 65% of its revenues are now from outside the US.

However, iPad sales were lower than expected (21.4m, compared to estimates of 22.1m) and down 18% in 2014 from the year before.

In total, Apple has now sold more than 1bn products that use its operating system iOS.

CEO Tim Cook also confirmed that the highly-anticipated Apple Watch will go on sale from April. Observers are watching closely to see if the public will take to the product or reject it.