Friday, 24 March, 2017

Apple iPhone Sales Surge During Strong Holiday Quarter

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Bessie Robbins | 01 February, 2017, 14:52

Apple today disclosed that it produced a $17.8 billion profit, or $3.36 in earnings per diluted share, on $78.35 billion in sales in the first quarter of its 2017 fiscal year, which ended on December 31.

One year ago, in the first quarter of 2016, Apple reported a record-breaking profit: $18.4 billion on $75.9 billion in revenue. Apple reports that 64 percent of Q1 2017's revenue came from worldwide sales of iPhone 7, Apple Watch, Macs, as well as various of its services.

Apple said that for its current, fiscal second quarter, it expects revenue to be in a range of $51.5 billion to $53.5 billion.

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"The holiday demand was so strong that we couldn't make enough", Apple CEO Tim Cook said on a post-earnings conference call, adding that "we couldn't be more excited about Apple Watch". Apple says that the $7.17 billion in revenue from services is a record, though in terms of overall revenue it's now just slightly behind the Mac ($7.24 billion) in terms of how much overall cash it pulls in. Research firm eMarketer expects that Apple's hold of the smartphone market in the US will stay just about the same in 2017, with a 43.7 percent market share, versus 52.2 percent for Android phones.

At 78.3 million iPhone units increased 5% year over year but assuming that the last week of December was 1/14 of sales the equivalent number of iPhones would be 72.7 million, down nearly 3% year over year. Sales of MACS increased 7% to $7.24 billion.

While the iPhone 7 isn't quite the blockbuster that the two-year-old iPhone 6 was, it still offered some features that drew in the Apple faithful. The revenue was largely in line with analysts' expectations for $4.07 billion. But sales of the iPad continued to slide, down 22 percent from the first-quarter past year. The company set a new record for unit sales, which also helped them bring in a record amount of revenue for the product. Following release of the earnings report, the stock was up 2.7% at $124.67 in the after-hours trading session. Apple sold 5.4 million Macs, up a hair from the year-ago quarter and 13.1 million iPads, another decline.

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