Apple Crushes Expectations, Prints Highest Quarterly Revenue Ever — AAPL Stock
In fiscal 2016, Apple suffered its first annual decline in both revenue and profit since 2001. In unit numbers a year ago adjusted iPhone unit sales were 71.5 million while the past quarter were about 76.5 million. Apple reported an EPS of $3.36 on revenue of $78.4 billion, beating Wall Street's expectations on the top and bottom.
The company continues to not disclose figures for Apple Watch sales as an individual item. It also generated more than.
The earnings results will likely ease some investor concern about iPhone sales, which have been impacted by increased competition in the smartphone market and customers taking a longer to upgrade their iPhones.
That's an all-time high for ASP, indicating Apple devotees bought up iPhone 7 and iPhone 7 Plus, despite the controversy over Apple removing its headphone jack. The iPhone 7 and the 7 Plus added features like better cameras and water resistance, all in that familiar body. The firm is expected to release a major upgrade this year in honor of the tenth anniversary of the iPhone.
When channel inventory is taken into account iPhone sales were up 8% year over year.
On the flipside, though, is Apple's other mobile device, the iPad, which saw a drastic year-on-year decrease of 19-percent for units shipped. Analysts expected Apple to sell 14.8 million iPads.
As Cook noted, it was a good quarter for Apple hardware. The pricier iPad Pros work with optional styluses and keyboard cases. This is a significant jump over Q4 2016's iPhone sales number, which was "only" 45.51 million units. Apple sold 78 million iPhones during the 90-day period.
Overall, Apple said Tuesday that it earned $17.9 billion, or $3.36 per share, on revenue of $78.4 billion. That compares to revenue of $74.6 billion and a net profit of $18 billion in 1Q15. Wall Street estimates called for earnings of $3.22 per share. Services revenues hit $7.2bn, an 18 per cent rise compared with the same period previous year.
"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. IPod sales declined to 13.1 million, down from 16.1 million in the year ago quarter.
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Jan 26 2017