Apple Breaks Corporate Profit Record
Net quarterly profit of $18B tops Gazprom's $16.2B in 2011
By Newser Editors and Wire Services
Posted Jan 27, 2015 4:50 PM CST
In this Sept. 5, 2014 photo, the Apple logo hangs in the glass box entrance to the company's Fifth Avenue store, in New York.   (AP Photo/Mark Lennihan)

(Newser) – Apple had another blowout quarter thanks to its new plus-sized iPhones, which helped the company smash sales records for the holiday season. Apple said today that net income rose 38% to $18 billion, which beat Gazprom's $16.2 billion profit for the first quarter of 2011—the previous corporate profit record, CNN Money reports. Apple also 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 iPhone sales drove the company's total revenue to $74.6 billion, up 30% from a year earlier.

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. "It took Apple a long time to come to grips with the fact that the market did want the bigger screen," says a tech analyst. 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% from a year earlier.