Apple appears to be going from strength-to-strength as the Californian tech giant posted record second quarter financial results.
Apple appears to be going from strength-to-strength as the Californian tech giant posted record second quarter financial results.
The company revealed its revenue was US$58bn, with profits of US$13.6bn, or US$2.33 per diluted share.
These figures compare to revenue of US$45.6bn and net profit of US$10.2bn, or US$1.66 a share, in the same quarter a year ago. This equates to a 27pc revenue growth and 40pc EPS growth for the company, setting new second quarter records.
According to Apple, the growth has been driven by record second quarter sales of iPhone and iMac devices, as well as an all-time best performance of the App Store. The company sold 61.2m iPhones this quarter and 4.6m Macs, meaning iPhone sales rose by 40pc and Mac sales by 10pc versus a year ago.
Perhaps a victim of the iPhone and the Mac’s success, however, has been the iPad, which saw a 23pc decline in sales. The iPhone 6 Plus, with its massive 5.5in screen, has been a big success for Apple, which may have caused the iPad to become increasingly obsolete.
Regardless, Apple’s CEO Tim Cook expressed his delight at the results: “We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” he said in a statement.
“We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”
Luca Maestri, Apple’s CFO, said the growth had been driven by “tremendous customer demand for our products and services”.
Growth in China
International sales accounted for 69pc of the quarter’s revenue. Most notably, revenue in China, which has been seen as an increasingly important market for Apple, grew by a huge 71pc to US$16.8bn.
The results bettered analysts’ predictions as Apple had been expected to post US$56bn in revenue, US$2bn short of the final figure.
As the device was only released last Friday (April 24), sales of the Apple Watch did not come into play in the quarter. However, early signs are promising, with reports suggesting the company could sell up to 20m units within the first year.
Apple Store image via Shutterstock
