Apple Reveals its First Quarter Results

Apple Reveals its First Quarter Results 1

Apple announced that their revenue and Earnings Per Share (EPS) have hit a new all-time record.

During Apple’s first quarter, which ended on Dec 30, 2017, the company posted a revenue of $88.3 billion.  This new revenue is a 13 per cent increase from last year’s quarter and previous record. International sales for Apple accounted for 65 per cent of the quarter’s revenue.

“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO. “We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

“Thanks to great operational and business performance, we achieved all-time record profitability during the quarter, with EPS up 16 percent,” said Luca Maestri, Apple’s CFO. “Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return program.”

For the second quarter of 2018, Apple predicts a revenue between $60 billion and $62 billion. As a result of this estimate, the company is anticipating a gross margin between 38 to 38.5 per cent. The company foresees their operating expenses to come between $7.6 billion and $7.7 billion and other income to come to $300 million.

Apple’s board of directors have announced a cash dividend of $0.63 per share of the company’s common stock. The dividend will be payable on Feb 15, 2018 to the shareholders of record as of the close of the business on Feb 12, 2018.

Apple live streamed the results of the first quarter results on Feb 1, 2018. For those who missed the live stream, the webcast can be viewed here for the next two weeks.

Liked this article and want to read more like it? Check out  Nathan Shubert’s Apple TV 4K Review-Welcome to the Future and Apple Watch Series 3 Review: The Best Got Better.

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