Following along with its yearly routine, Apple today announced it latest quarterly earnings.
Apple has officially announced its second quarter results of 2018. These follow the strong results from the first quarter, and see millions more iPhones, iPads, and Macs sold to the masses. Here’s how it all breaks down:
Apple sold 52.2 million iPhones in the second fiscal quarter of this year, along with 9.1 million iPads. Meanwhile, Apple also sold 4.07 million Macs in the same stretch of time.
In total, the company earned $61.1 billion in total revenue in the quarter, and $13.8 billion in total profit.
“Apple today announced financial results for its fiscal 2018 second quarter ended March 31, 2018. The Company posted quarterly revenue of $61.1 billion, an increase of 16 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.73, up 30 percent. International sales accounted for 65 percent of the quarter’s revenue.”
As is par for the course, Apple’s CEO, Tim Cook, praised the strong quarter:
“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” said Tim Cook, Apple’s CEO. “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”
Apple’s Chief Financial Officer, Luca Maestri, also chimed in:
“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure. Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend.”
To compare year-over-year, Apple earned $52.9 billion in revenue, on the backs of 50.7 million iPhones, 8.92 million iPads, and 4.19 million Macs sold in the second quarter of 2017.
Finally, Apple is providing the following guidance for its fiscal 2018 second quarter:
- Revenue between $51.5 billion and $53.5 billion
- Gross margin between 38 percent and 38.5 percent
- Operating expenses between $7.7 billion and $7.8 billion
- Other income/(expense) of $400 million
- Tax rate of approximately 14.5 percent