Apple fights headwinds, reports revenues of $50.6 billion

The second quarter results for fiscal year 2016 are in, and Apple is dooooomed. DOOOOMED! (Not really) The company posted quarterly revenues of $50.6 billion and net income of $10.5 billion ($1.90 per diluted share). That compares to revenues of $58 billion for the year-ago quarter and net income of $13.6 billion ($2.33 per share). 

Apple CEO Tim Cook was positive, saying "Our team executed extremely well in the face of strong macroeconomic headwinds. We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices."

Apple announced that it will be authorizing an increase of $50 billion to its capital return program, with a plan to spend a cumulative total of $250 billion in cash by the end of March 2018.

Luca Maestri, Apple CFO, said "We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return program during the March quarter. Thanks to the strength of our business results, we are happy to be announcing today a further increase of the program to $250 billion."

The sequential year over year numbers show a drop in revenue from iPhone sales of 18 percent, a 19 percent drop for iPad sales revenue, and a 9 percent drop in revenue for Mac sales. On the other hand, revenue from services were up 20 percent over last year and other products -- including Apple TV, Apple Watch, Beats products, iPod and accessories -- were up 30 percent from Q2 2015.

We'll have more information forthcoming after the earnings call today.