Apple took Wall Street by storm, when it posted the largest profits in corporate history. Brian Colello, Senior Equity Analyst with Morningstar Research, looks at Apple’s performance in the latest quarter and whether it can continue to impress.

Strong holiday sales and a 70% rise in sales in China fuelled Apple’s results out on January 27. The company sold 74.5 million iPhones in its fiscal first quarter, which ended on December 27. Many analysts had expected fewer than 70 million. Apple revenues rose to $74.6 billion from $57.6 billion the year before.

Apple profits came in at $18 billion – the biggest ever reported by a public company. Apple’s cash pile is now $178 billion, enough to buy IBM.