THE NEWS WRAP: Apple announces record $18 billion profit for first quarter

Apple has recorded the biggest quarterly results of any company on record, announcing $18 billion in profit for the first quarter of 2015.

The results come off the back of a $13.1 billion profit in the first quarter of 2014, meaning the company’s profit jumped by $4.9 billion since the previous corresponding period.

Apple attributed the financial results to an all-time record in revenue from iPhone and Mac sales, as well a “record performance” by the App Store.

In a statement, Apple chief executive Tim Cook described the first quarter as “simply phenomenal”.

‘We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high,” he said.

Apple makes around $8.3 million an hour in profit 24 hours a day, according to TechCrunch.

Dreamworks-backed startup ramps up efforts to dominate children’s apps market

A Dreamworks-backed startup has acquired two mobile educational companies in a bid to expand its series of apps, games and e-books aimed at children.

Fingerprint, which raised $10.9 million in funding last year led by entertainment company Dreamworks and existing investors, announced it was acquiring both Cognitive Kid and Scribble Press in order to grow its developer network.

In a statement, Fingerprint’s chief executive Nancy MacIntyre said there are more children using mobile devices than ever before.

“It’s our goal to find best-in- class educational content and bring it to the Fingerprint family of mobile networks,” she says.

“We’re thrilled to add Scribble Press and the popular Ansel and Clair series because they’re great examples of apps and products that inspire curiosity, creativity, and truly inspire a love of learning.”

The market for apps and games targeted at children is estimated to be worth more than $3 billion.

PlayStation drops Music Unlimited service in favour of Spotify

Sony is dropping its music streaming service Music Unlimited in favour of Spotify.

The Music Unlimited service will close in all 19 countries on March 29. The new service will be launched initially on PS4 and PS3 in countries such as the US and Canada from the end of this month.

The move comes as the popular music streaming service continues to grow its partnership networks. Spotify announced a partnership with Uber in November last year.

Overnight

The Dow Jones Industrial Average is down 1.13%, falling 195.84 points to 17,191.37. The Australian dollar is currently trading at US79.1 cents.

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