Apple Revenue Drops By 15.94% Reports $11.56 Billion Profit

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Apple

Tech giant Apple has announced its financial results for its fiscal 2019 second quarter ended March 30, 2019. The company revenue of as announced by the company was $58 billion, and net profit was $11.6 billion. The figures showed a 5% drop as against last year and a quarterly earnings per diluted share of $2.46, down 10 percent.

61 percent of the quarter’s revenue was recorded from international sales. Details shows that Mac revenue was $5.5 billion, while sales of iPad generated $4.9 billion. When compared to last year, revenue from Mac was $5.8 billion. The company also made $11.5 billion in revenue in its Services sector. Its paid subscribers also grew by 120 million, making a total of over 390 million in just 12 months.

Making the announcement, Apple’s CEO, Tim Cook said;

Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record.

We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.

Also speaking, Luca Maestri, Apple’s CFO, said;

We generated operating cash flow of $11.2 billion in the March quarter and continued to make significant investments in all areas of our business.

We also returned over $27 billion to shareholders through share repurchases and dividends. Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. We are also raising our quarterly dividend for the seventh time in less than seven years.

Apple also recorded close to 50% growth in its Wearables Home and Accessories division, making a quarter revenue record of $5.1 billion. It made double-digit revenue growth across the App Store, Apple Music, cloud services, AppleCare, Apple Pay and App Store search ad business. Services accounted for 20% of March quarter revenue and about one-third of gross profit dollars.

Source: Apple News Room.

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