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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 Apple’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.

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