Apple originally rescheduled its second quarterly earnings results for 2016, but the results are finally in.
Apple previously released their first quarterly earnings report in January, and now the company is back again to let the world know how it has been going for the Cupertino-based company over the last few months. Apple has released the earnings for its second quarter, 2016, showing another quarter with millions of devices sold.
Apple® today announced financial results for its fiscal 2016 second quarter ended March 26, 2016. The Company posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share. These results compare to revenue of $58 billion and net income of $13.6 billion, or $2.33 per diluted share, in the year-ago quarter. Gross margin was 39.4 percent compared to 40.8 percent in the year-ago quarter. International sales accounted for 67 percent of the quarter’s revenue.
In total, Apple announced that it earned a revenue of $50.6 billion in the quarter, while managing to earn a total of $10.5 billion in total profit within the same stretch. As far as devices go, Apple sold 51.1 million iPhones, 10.2 million iPads, and 4 million Macs.
Compare that to the year-over-year results, when in 2015 Apple made $58 billion in revenue, on the back of 61 million iPhones, 12 million iPads, and 4 million Macs.
Tim Cook, Apple’s CEO, chimed in regarding the results:
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
Adding to that, Apple’s Chief Financial Officer, Luca Maestri, had this to say:
“We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return program during the March quarter,” said Luca Maestri, Apple’s CFO. “Thanks to the strength of our business results, we are happy to be announcing today a further increase of the program to $250 billion.”
Last quarter was a massive quarter for Apple, with the company earning $75.9 billion in revenue thanks to selling 74.7 million iPhones, 16.1 million iPads, and 5.3 million Macs. In comparison, the last few months were much quieter for Apple.
Specifically, this quarter marks the first year-over-year revenue decline for the company since 2003.