Blow Out Results!! Apple Cash Balance Now 5x More Than Nigeria’s External Cash Reserves

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Apple Tuesday announced financial results for its fiscal 2015 first quarter ended December 27, 2014. The Company posted record quarterly revenue of $74.6 billion and record quarterly net profit of $18 billion, or $3.06 per diluted share. These results compare to revenue of $57.6 billion and net profit of $13.1 billion, or $2.07 per diluted share, in the year-ago quarter. Gross margin was 39.9 percent compared to 37.9 percent in the year-ago quarter. International sales accounted for 65 percent of the quarter’s revenue. Apple also ended FQ1 with over $177B in cash/investments, and over $36B in debt. Their total cash hoard is about 40% of Nigeria’s GDP and about 5x Nigeria’s external reserves. As it is, revenues from the iPhone for that quarter of $51.2billion is on par with the entire revenue accruable to the Federation Account in 2014. Apple’s profit this quarter is the biggest ever reported