Amazon might be planning to catch up to Apple’s $1 trillion market capitalization, but it still has a lot of work to do when it comes to closing the gap in terms of profit. Apple reportedly makes more profit than the e-commerce giant – in fact, Apple has made a higher profit in just a single quarter than Amazon has made in its entire time of existence.

Pointing at Warren Buffet‘s recent investment in Apple, CNBC noted that the popular venture capitalist’s motivation was not just the brand philosophy of the iPhone-maker but also because of its products that make jaw-dropping profits. Based on Apple’s quarterly earnings call, it earned $13.8 billion as net income in the quarter ending March.

It’s safe to say that iPhone X was the leading source of this enormous inflow of capital (it turned out to be the best-selling smartphone of the same quarter). Following the iPhone X were iPhone 8 and 8 Plus which assumed the second and the third position on the list. Amusingly, iPhone 7 followed next in the list compiled by Strategy Analytics.

budget iphone

Apple’s iPhone 6s and iPhone 7 were also the leading models in the list of best-selling smartphones of 2017. All these combined, along with sales from other products and online services, Apple was able to reap $48.35 billion in the fiscal ending March 2018.

In contrast, Amazon made $1.6 billion during the bygone quarter but what’s more intriguing is that the company’s total profit since its birth in 1994 is mere $9.6 billion.

One of the obvious reasons for this rift is that Apple is much older and has a relatively stronger portfolio of investors. Naturally, it has more experience on the Wall Street. Another reason is that Amazon is still in its early stages when it comes to newer products and is yet to find impressive success outside the US.

Goldman Sachs analyst Heath Terry notes that Amazon is rising towards increasing its margins and is likely to have financial benefits in long-term from its online retail and cloud storage ventures.