Apple Reports 2Q 2017 Results: $11B Profit on $52.9B Revenue, 50.8M iPhones

Apple today announced financial results for the second fiscal quarter of 2017, which corresponds to the first calendar quarter of the year. For the quarter, Apple posted revenue of $52.9 billion and net quarterly profit of $11.0 billion, or $2.10 per diluted share, compared to revenue of $50.6 billion and net quarterly profit of $10.5 billion, or $1.90 per diluted share, in the year-ago quarter. 

Gross margin for the quarter was 38.9 percent compared to 39.4 percent in the year-ago quarter, with international sales accounting for 65 percent of revenue. Apple also declared an increased quarterly dividend payment of $0.63 per share, up from $0.57. The dividend is payable on May 18 to shareholders of record as of May 15. 

In addition to the increase in the dividend payment, Apple says it will once again expand its share repurchase authorization by an additional $50 billion and the company says it expects to spend a total $300 billion in cash under its overall capital return program by the end of March 2019. 

Apple sold 50.8 million iPhones during the quarter, down slightly from 51.1 million a year earlier, while Mac sales rose slightly to 4.20 million units from 4.03 million units in the year-ago quarter. iPad sales continued to decline, falling to 8.92 million from 10.25 million.

“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook, Apple’s CEO. “We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose.”

Apple's guidance for the third quarter of fiscal 2017 includes expected revenue of $43.5–45.5 billion and gross margin between 37.5 and 38.5 percent. 

Apple will provide live streaming of its fiscal Q2 2017 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights. 

Article Source: Apple Reports 2Q 2017 Results: $11B Profit on $52.9B Revenue, 50.8M iPhones