Apple reports record $18.4 billion profit as iPhone sales slow

Apple just reported the largest quarterly profit of any public company in history, again.

With profits of $18.4 billion for its first fiscal quarter of 2016, Apple beat the record it set last year by $400 million.

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Apple’s profits largely hinge on iPhone sales. The company sold 74.8 million iPhones during the quarter, fewer than analysts expected — predictions had ranged between 75.4 million and 77 million iPhones, depending on who you asked.

Apple missed analysts’ estimates on revenue this quarter, but exceeded expectations on earnings. The company reported $75.9 billion in revenue, on the lower end of its own estimated range of between $75.5 billion and $77.5 billion. On average, Analysts thought Apple would report $76.59 billion in revenue. Analysts also said Apple would report $3.23 in earnings per share for the quarter; it reported earnings of $3.28 per share.

As our own Chris O’Brien wrote yesterday, “Apple’s earnings each quarter are easily more scrutinized than those of any other company in the world. That’s part of the price you pay for being the world’s most valuable company.”

Here’s what Apple’s quarterly iPhone sales look like to date.

The company’s revenue follows the same pattern.

 

For more breaking Apple news, head here.