Friday 16 November, 2018

Apple posts $61.1 billion in revenue-best March quarter ever

Tech giant Apple posted revenues of $61.1 billion for the second quarter ended March 31, 2018

This is 16 per cent up on figures posted for the same quarter in 2017. Earnings per share grew by 30 per cent and generated over $15 billion in operating cash flow.

The company founded by the late Steve Jobs, posted a profit of $13. 8 billion, a 25 per cent increase on the figure posted for the same quarter last year.

It attributes international sales for its revenue growth with that segment accounting for 65 per cent of the quarter’s total revenue figure.

Apple sold 52.2 million iPhones during the first three months of the year.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone Services and Wearables. 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 per cent growth in Greater China and Japan,” said Apple’s CEO Tim Cook.

He added that the Board had approved a new $100 billion share repurchase authorization.

Operating expenses are expected to come in at $7.7 billion for the third quarter.

Group CFO Luca Maestri said: “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.”