Apple, Inc. is ending 2014 with a big bang after impressive financial results for its fiscal fourth quarter that concluded Sept. 27, thanks to a 16% jump in iPhone sales that helped the company surpass Wall Street targets.

"Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," said Tim Cook, Apple's CEO.

"With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple's strongest product lineup ever. We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015," Cook added.

Versus the same quarter in 2013, Apple's revenues soared 12% to $42.1 billion, with 39 million iPhone 6 units sold.

"Our strong business performance drove EPS growth of 20 percent and a record $13.3 billion in cash flow from operations in the September quarter," said Luca Maestri, Apple's CFO.

"We continued to execute aggressively against our capital return program, spending over $20 billion in the quarter and bringing cumulative returns to $94 billion," he added.

Apple is certainly back in the driver's seat three years after launching its most innovative smartphone before iPhone 6, iPhone 4S.

Only a week after the Sept. 9 launch at the company's headquarters in Cupertino, Calif., both models have set new record sales of 10 million.

By the end of October, iPhone 6 and iPhone 6 Plus are expected to hit more than 36 territories in Asia, Middle East, Europe, Latin America and Africa.

Google has recently unwrapped the Nexus 6, sporting high-end specs that could rival iPhone 6, and then there is Galaxy Note 4 of Samsung that competes with iPhone 6 Plus.

However, many pundits believe that Apple has cracked the formula of the perfect smartphone, and that they have certainly owned 2014.