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Apple Posts $18B Quarterly Profit, the Highest By Any Company, Ever
jmcbain writes: Yesterday, Apple reported its financial results for the quarter ending December 27, 2014. The company posted $18 billion in profit (on $74 billion in revenue), the largest quarterly profit by any company, ever. The previous record was $16 billion by Russia's Gazprom (the largest natural gas extractor in the world) in 2011. Apple sold 74.5 million iPhones last quarter, along with 5.5 million Macs and 21.4 million iPads.
They are paying 26% tax. It's right there in the filing.
No, this is really an absurd profit, Standard Oil's net profit from 1882 to 1906 was $838,783,800 equal to roughly $22B today, so on an inflation adjusted basis Apple's quarterly profit was nearly equal to the majority of the lifetime profits of one of the classic robber baron trusts.
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No, this is really an absurd profit, Standard Oil's net profit from 1882 to 1906 was $838,783,800 equal to roughly $22B today, so on an inflation adjusted basis Apple's quarterly profit was nearly equal to the majority of the lifetime profits of one of the classic robber baron trusts.
The U.S. population in 1906 was 85,450,000 compared to 2014's population of 322,583,006. Apple is definitively a world wide, global corporation. Did Standard Oil reach as far.
Sorry, but you don't have much of a comparison here.
I thought I'd check, and in their 2014 annual accounts, Apple showed tax payable of $14 billion on a net profit of $40 billion. Unless this is just some totally fictitious accounting entry, I'm not sure where you get the idea that they don't pay any tax.
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Amazon: .1% operating margin.
Apple: 29.3% operating margin.
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Maybe you should bother to look so you don't sound like you're an idiot.
Revenues from hardware - $69.8B
Revenues from other(iTunes) - $4.8B
Net profits (not broken down) - $18B
Even if 100% of revenues from iTunes was profit (i.e. no cost to run the App Store), it's still less than 1/3 of total profits.
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It looks to me like you've got this wrong.
According to this Forbes article from 2013, Apple routes all non-US sales revenue through Ireland. That's sketchy on the part of both Ireland and Apple, and offensive to all the other countries that get no cut from Apple's sales within their borders.
According to this financial statement, Apple paid $9.48b in current US income tax in 2014, $2.15b in current foreign income tax.
Pooling everything, in 2014 Apple had pre-tax income of $53.48b, $13.97b total income tax, for a net income of $39.51b.
I don't know how those numbers compare to other large corporations, or "socially responsible corporations", or whatever you want to compare to. But claiming that Apple routes US sales revenues through Ireland, or that Apple doesn't pay tax on its profits, appears to be completely false.
If I'm misinterpreting these numbers, please post corrections.