Apple iPhone sales are record high and trample all expectations.

Reuters reports that quarterly results from Apple Inc exceeded all the expectations of Wall Street with their big-screen iPhone versions making record sales this holiday season. Also, sales in China are up 70%, contributing to the profits of the company to be larger than ever before.

74.5 million devices were sold by Dec 27, while they were only expected to sell 70 million or less. Revenue of the corporation rose from $57.6 billion last year to $74.6 billion this year. Profit or the company was the biggest in history, closing at around $18 billion. According to Howard Silverblatt, an S&P analyst, Apple’s cash reserves are now $178 billion, which is enough to either buy IBM or pay $556 to each American.

Tim Cook, the Chief Executive Officer of Apple said that the next product, Apple Watch, will be released in April.

Daniel Morgan from Synovus Trust Company, a shareholder of Apple, said that these results were a good sign, especially since other major technology companies, including Microsoft Corp and IBM disappointed with their sales as well as their products for the holiday season.

Luca Maestri, Chief Financial Officer of Apple Inc told Reuters that even though there was some speculation, Apple did not sell more iPhones in China as it did in the US. Still, thanks to big-screen devices iPhone 6 and iPhone 6+, revenues in China were up around 70% compared to the quarter from the previous year.

The success that Apple has found in China can partly be credited to its new partnership with the largest mobile carrier of the world, China Mobile Ltd. Maestri also didn’t think that Apple will face a struggle in China thanks to their slowing economic growth. He added that Apple is not on a slowdown.

According to Maestri, iPhone sales were doubled in Brazil and Singapore as well.

By the year 2016, Apple will have 40 company shops in China.

Apple Mac computers and old iPhone models also saw a 14% rise in sales. Carolina Milanesi from Kantar Worldpanel ComTech claims that thanks to Apple’s new selling channels in China and the Chinese New Year, sales will keep on being high for a few months to come.

Apple also benefits from the dollar being strong, which was not accounted in any of the forecasts.

Apple’s new service for mobile payments, Apple pay is also on the rise and about to expand outside the US.

 

 

Image:”IPod family” by Matthieu Riegler, Wikimedia Commons. Licensed under CC BY 3.0 via Wikimedia Commons.