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Apple Announces Q2, 2017 Earnings Results [PR]


Apple Announces Q2, 2017 Earnings Results [PR]

As expected, Apple on Tuesday revealed its earnings results for the second quarter of FY2017 – and with it came the announcement of its Capital Return Program expanding to $300 Billion.

Covering the company’s combined earnings for the second quarter of the year, (which ended on April 1, 2017), Apple posted quarterly revenue of $52.9 billion and quarterly earnings per diluted share of $2.10.

Comparing these results to the year-ago quarter, in which the firm posted revenue of $50.6 billion and earnings per diluted share of $1.90, and we can see that the company experienced revenue growth to the tune of roughly $2.3 billion.

Alongside this, international sales accounted for 65 percent of the quarter’s revenue.

“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,” he added.

The company’s slight boost in YoY quarterly revenue follows the Californian company posting its first year-over-year revenue decline – back in October.

In terms of sales the company reported 50.76 million iPhone units had been sold during the quarter, with 8.9 million iPads and 4.1 million Mac units having also left store shelves.

Meanwhile, doomsayers of the Apple Watch and AirPods may be dismayed to hear that the two products together now represent the “size of [a] Fortune 500 company,” according to Apple, with Apple Watch sales specifically said to have doubled year-over-year.

As mentioned previously, Apple also announced this week that its Board of Directors had authorized an increase of $50 billion to the company’s program designed to return capital to shareholders, with it also set to extend the program’s timeframe by four quarters.

“Under the expanded program, Apple plans to spend a cumulative total of $300 billion by the end of March 2019,” the company said in a press statement.

“We generated strong operating cash flow of $12.5 billion and returned over $10 billion to our investors in the March quarter,” said Luca Maestri, Apple’s CFO. “Given the strength of our business and our confidence in our future, we are happy to announce another $50 billion increase to our capital return program today.”

As part of the latest update to its Capital Return Program, the Board has in addition increased its share repurchase authorization to $210 billion from the $175 billion level announced a year ago. Apple says that it also expects to continue to “net-share-settle” vesting restricted stock units.

The company has provided the following guidance for its fiscal 2017 third quarter:

– 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 percent

Those who missed Apple’s earnings call on Tuesday can listen again – here.

/ Apple PR

In an attempt to merge the worlds of music, design and journalism, Arron is perhaps best known for founding online news brand: RazorianFly; a hobby which grew to attract a monthly audience of 120K.

Today he can be found designing and writing for whilst also managing #THEHOTLIST - a weekly updating playlist of the hottest new artists, now streaming on Apple Music.

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Perhaps best known for founding online news brand RazorianFly, Cheshire digital creative Arron Hirst lives for discovering new artists.
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