Ahead of the Apple earnings report, there was a consensus among Wall Street analysts that Apple would report an increase in revenue for its second fiscal quarter. The estimates averaged roughly $53 billion in a list compiled by MacRumors from more than a dozen financial institutions and independent firms following Apple closely.
But the numbers are in, and here is how Apple performed during the second fiscal quarter: the company sold 51 million iPhones, sales generated $52.9 billion in revenue and a net profit of $14 billion.
Apple’s fiscal second quarter by device sales:
• 50.7 million iPhones
• 8.9 million iPads
• 4.2 million Mac computers.
Apple expected up to $53.5 billion in revenue, a gross margin between 38% and 39%, and operating expenses between $6.5 billion and $6.6 billion for the second quarter, meaning that the company’s performance was close to the higher end of the guidance.
“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook, Apple’s CEO. “We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose.”
Apple provided the following guidance for the fiscal third quarter of 2017:
• revenue between $43.5 billion and $45.5 billion
• gross margin between 37.5 percent and 38.5 percent
• operating expenses between $6.6 billion and $6.7 billion
• other income/(expense) of $450 million
• tax rate of 25.5%.