Strong iPhone sales drive record Q2 growth for Apple Inc

Apr 24 2014, 11:46 IST
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Apple CEO Tim Cook says: 'We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services.' Apple CEO Tim Cook says: 'We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services.'
SummaryApple Inc.'s international sales accounted for 66 per cent of the March quarter’s revenue.

Apple Inc. posted quarterly revenue of $45.6 billion and quarterly net profit of $10.2 billion, or $11.62 per diluted share for its fiscal 2014 second quarter ended March 29, 2014, driven by strong sales of its iPhones. These results compare to revenue of $43.6 billion and net profit of $9.5 billion, or $10.09 per diluted share, in the year-ago quarter. Gross margin was 39.3 per cent compared to 37.5 percent in the year-ago quarter.

International sales accounted for 66 per cent of the quarter’s revenue.

International sales accounted for 66 per cent of the quarter’s revenue. “We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services,” Apple’s CEO Tim Cook said in a statement.

Apple iPhone sales

“We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market,” he added.

“We generated $13.5 billion in cash flow from operations and returned almost $21 billion in cash to shareholders through dividends and share repurchases during the March quarter,” said Peter Oppenheimer, Apple’s CFO.

“That brings cumulative payments under our capital return programme to $66 billion.”

Apple Inc. is providing the following guidance for its fiscal 2014 third quarter:

* Revenue between $36 billion and $38 billion

* Gross margin between 37 and 38 per cent

* Operating expenses between $4.4 billion and $4.5 billion

* Other income/(expense) of $200 million

* Tax rate of 26.1 per cent

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