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Is Apple on Course to Hit $53 Billion in Profits this Year?

10. 15  PA  XTRA NEWS


For Apple's fiscal year, which ends in September, the company is set to rake in $52.5 billion in earnings, according to analysts surveyed by Thomson Reuters. If Apple hits that mark, it would be the largest annual profit ever generated from a company's operations. Apple is already in striking distance of besting ExxonMobil's (XOM) record-setting $45 billion profit recorded in 2008. Apple is set to report its past-quarter earnings on Tuesday, and analysts are expecting the company to report $10.4 billion in net income.


Apple's iPhone Sales Lead ... Again


The CNN Money report noted that "the record 74.5 million iPhones that Apple sold during the holiday shopping season helped Apple's profit soar more than 37% that quarter.


The iPhone remains popular despite the fact that Apple is likely to announce a new version in the coming months. Apple sold 61 million iPhones in the first three months of 2015, and analysts polled by FactSet estimate that Apple sold another 47 million iPhones last quarter."



UBS's Steve Milunovich wrote in a recent report that "Apple is penetrating China at multiple income bands, consumers are upgrading to more expensive phones, and Apple has the highest brand commitment level."






Apple announces their FY 15 Third Quarter Results on July 21, 2015 at 2:00 p.m. PT/ 5:00 p.m. ET. Apple will live stream the Conference Call here. For more on this story see the full CNN Money report here.


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