IPad Sales Still Falling, But Apple Reports $11 Billion Profit

Apple knows how to make money, and last financial quarter was no different for the tech giant. In the company's earnings report released today, it revealed that it pulled in almost $50 billion in revenue, which amounts to almost $11 billion in profit.

The huge profit was due in part to good sales of the iPhone, which sold nearly 60 percent better during this quarter than during the same time last year. Apple moved 47.5 million iPhones in this time. The earnings were helped by the release of the Apple Watch in April, but Apple did not share how many watches it sold.

In addition, Apple broke records with revenue from its services. The June release of Apple Music, the company's streaming music app, helped increase the money made from applications and other services.

International sales made up 64 percent of Apple's revenue during this quarter.

Sales of iPads continue to decrease, marking the fourth consecutive quarter of dropping numbers. But CEO Tim Cook explained back in October that people hang onto iPads longer than they keep their phones, reducing the number of people upgrading their tablets each year.

Apple also is sitting on a massive amount of money in cash, the vast majority of which is located outside of the country. The company controls tens of billions in assets that it is holding outside of the U.S., which would be subject to significant taxes if Apple brought the money back into the country. It's unclear at the moment what Apple plans to do with the money.