Business English: Apple's record profits

Twelve months ago, Apple reported low iPhone sales that seemed to confirm long-term worries that the company's best days were over. Industry analysts thought Apple were struggling to maintain the high levels of success previously set by founder Steve Jobs.

Doubts over the ability of Tim Cook, who took over as current CEO six weeks before Jobs passed away, have been banished with the company's latest sales figures.

In the last three months of 2014, the firm behind the iPad and iPhone increased its profits by 37 per cent, to $18 billion. Apple sold a record 74.5 million iPhones in the latest quarter, the equivalent 34,000 sales every hour, the company said. That's the biggest quarterly profit ever made by a public company.

Success in China has contributed to Apple's blockbuster profits. Large growth was also seen in the Brazilian and Singaporean markets.

Tim Cook said the company would release its next product, the highly anticipated Apple Watch, in April.

Key Words

Banish doubts - to get rid of fears/worries/concerns
CEO - Chief Executive Officer
Passed away - died
Firm - company
Quarter - three months, 1/4 of the year
Equivalent - having similar or identical effects
Public company - a company owned by the public through the ownership of shares traded on the stock exchange.
Markets - area's (countries, regions) where products are sold.
Highly anticipated - an event/occassion that many people are looking forward to or interested in.

Now decide if these statements are true or false:

• 1) The last couple of years have been very successful for Apple.
  
  False
  True
  
  
• 2) Tim Cook became CEO after Jobs died.
  
  False
  True
  
  
• 3) Apple made a record profit for a company over 3 months.
  
  False
  True
  
  
• 4) China was the only country where Apple sales increased.
  
  False
  True
  
  
• 5) There is a new Apple product coming in the second quarter of 2015.
  
  False
  True