Apple Q1 2017 Earnings: Record Quarterly Sales

Apple Q1 2017 Earnings: Record Quarterly Sales

Apple  (Apple Inc. 157,50 -0,36 -0,23%) reported strong quarterly earnings for Q1 2017 with quarterly revenue of $78.4 billion and all-time record quarterly earnings per diluted share of $3.36. Apple also managed to move 78.3 million iPhones over the last quarter, ending December 31, 2016.

These are impressive profits for any company, but very interesting when compared to the $75.9 billion in revenue and $3.28 per diluted share for the same quarter last year. Their operating income came in at $17.89 billion for for the past quarter, with operating expenses of just under $7 Billion.

“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” said Tim Cook, Apple’s CEO. “Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”

“Our outstanding business performance resulted in a new all-time record for earnings per share, and over $27 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “We returned nearly $15 billion to investors through share repurchases and dividends during the quarter, bringing cumulative payments through our capital return program to over $200 billion.”

Apple went on to give investor guidance for the second quarter of 2017. They are projecting revenue between $51.1 billion and 53.5 billion, with a gross margin between 38 percent and 39 percent. Apple is also expecting operating expenses between $6.5 billion and $6.6 billion. There is a projected other income/(expense) of $400 million along with a tax rate of 26 percent.

Apples board of directors has declared a cash dividend of $0.57 per share of the Company’s common stock, with the dividend to be on February 16, 2017 to the shareholders on record as of close of business February 13, 2017.

Apple continues to be a juggernaut in the tech sector, with sales most companies would only dream of achieving. With the consistent demand for the flagship iPhone line of products, and the mobile sector continuing to be a space to watch, Apple is in a good place as they move forward into 2017.