Maybe Apple’s not doomed, after all. The company has announced financial results for its fiscal 2016 first quarter that ended Dec. 26, 2015. Apple posted record quarterly revenue of $75.9 billion and record quarterly net income of $18.4 billion, or $3.28 per diluted share.
Apple sold 74.8 million iPhones in the first quarter of fiscal 2016. Mac sales for the quarter reached 5.3 million units (down 4% year-over-year). iPad sales were 16.1 million (a 25% decrease year-over-year).
“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,” said CEO Tim Cook in a press release. “The growth of our Services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices.”
The latest financial results compare to revenue of $74.6 billion and net income of $18 billion, or $3.06 per diluted share, in the year-ago quarter. Gross margin was 40.1% compared to 39.9% in the year-ago quarter. International sales accounted for 66% of the quarter’s revenue.
“Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,” said Chief Financial Officer Luca Maestri. “We generated operating cash flow of $27.5 billion during the quarter, and returned over $9 billion to investors through share repurchases and dividends. We have now completed $153 billion of our $200 billion capital return program.”
- Apple is providing the following guidance for its fiscal 2016 second quarter:
- Revenue between $50 billion and $53 billion;
- Gross margin between 39% and 39.5%;
- Operating expenses between $6 billion and $6.1 billion;
- Other income/(expense) of $325 million;
- A tax rate of 25.5%.
Apple’s board of directors has declared a cash dividend of $.52 per share of the Company’s common stock. The dividend is payable on Feb. 11 to shareholders of record as of the close of business on Feb. 8.