Shares soar as iPhone renaissance drives record Apple Q2 revs
Editor | 24-04-2014
Some had said that the industry had reached peak Apple but much to the delight if not surprise of Wall Street, the CE giant has reported robust second quarter results.
For the second quarter ended 29 March 2014, Apple posted revenue of $45.6 billion and quarterly net profit of $10.2 billion, or $11.62 per diluted share. These results compared with revenue of $43.6 billion and net profit of $9.5 billion, or $10.09 per diluted share, a year-ago quarter. Interestingly, international sales accounted for two-thirds of the quarter's revenue with new Chinese sales of iPhone products being the growth engine.
"We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said Tim Cook, Apple's CEO. "We're eagerly looking forward to introducing more new products and services that only Apple could bring to market."
"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," added Peter Oppenheimer, Apple's CFO. "That brings cumulative payments under our capital return programme to $66 billion."
Setting expectations for what it believes will be a less stellar quarter, Apple has set Q3 guidance revenue of $36-38 billion and a gross margin of 37-38%.