Arthur J. Villasanta – Fourth Estate Contributor
Cupertino, CA, United States (4E) – Apple, Inc said it had rewritten its corporate history by posting an all-time record revenues and profitability during the fiscal 2018 first quarter ended December 30, 2017.
It reported quarterly revenue of $88.3 billion, an increase of 13 percent year-on-year and an all-time record. It also reported quarterly earnings per diluted share of $3.89, up 16 percent, also an all-time record. International sales accounted for 65 percent 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.”
Luca Maestri, Apple’s CFO said that thanks to great operational and business performance, “we achieved all-time record profitability during the quarter, with EPS up 16 percent. Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return program.”
The results are the first to include initial iPhone X sales launched in early November.
Apple reports a $20.1 billion profit from 77.3 million iPhones; 13.2 million iPads and 5.1 million Macs sold. That compares to $78.4 billion in revenue and $17.89 billion in profit from 78.3 million iPhones; 13 million iPads and 5.3 million Macs sold in the same quarter for 2016.
Apple reported $52.6 billion in revenue and $10.7 billion profit from 46.7 million iPhones; 10.3 million iPads and 5.4 million Macs during the previous quarter.
Apple is providing the following guidance for its fiscal 2018 second quarter:
* Revenue between $60 billion and $62 billion
* Gross margin between 38 percent and 38.5 percent
* Operating expenses between $7.6 billion and $7.7 billion
* Other income /(expense) of $300 million
* Tax rate of some 15 percent
Apple’s board of directors has declared a cash dividend of $0.63 per share of the Company’s common stock. The dividend is payable on February 15 to shareholders of record as of the close of business on February 12, 2018.
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