Apple Outperforms the Most Profitable U.S. Companies despite "Disappointing" Quarter
Despite a “flat” or “disappointing” quarter for Wall Street, Apple still holds the top spot among the most profitable U.S. companies, with a significant margin on top of that. The $13.1 billion in profit Apple posted for the first quarter of 2013 is the most profitable quarter for a tech company in history, just edging out the record $13.06 billion set in the first quarter of 2012, also by Apple.
A comparison of Apple’s record quarter to those of the other profitable companies in the United States shows Apple head and shoulders above its peers. Apple’s $13.1 billion in profit is 31% more than the $10 billion of its closest competitor, the oil giant, ExxonMobil, which briefly surpassed Apple in market cap following investors’ negative reactions to the most recent quarter.
As pointed out by Statista
, the only companies to ever post a higher quarterly profit are ExxonMobil and Russian energy giant, Gazprom, which posted $16.2 billion in profit for the first quarter of 2011. Apple, which was once targeted for $1,000 per share, currently sits at 34.7% below its all-time high of $700 per share. Meanwhile, it earned $100 million more in the first quarter than firms Wells Fargo, Proctor & Gamble, and General Electric combined.
When it comes to technology companies, Apple earned more than twice the $6.4 billion of its nearest competitor, Microsoft. Add in the $5.8 billion earned by IBM, and Apple still beats the total by nearly a billion dollars. The Cupertino California company remains upbeat on for its future, despite the negative outlook of some of its investors. Tim Cook expressed confidence in the firm’s product pipeline, saying that the company will “continue to focus on innovation and making the best products in the world.”