Apple reported its second quarter 2016 financial results today, with 51.2 million iPhones and 10.2 million iPads sold. The company posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share. In Q2 2016, Apple had revenue of $58 billion and net income of $13.6 billion, or $2.33 per diluted share. Gross margin was 39.4 percent compared to 40.8 percent a year ago. International sales contributed to 67 percent of this quarter’s revenue. For Q3 2016, Apple is providing guidance of revenue between $41 billion and $43 billion, and gross margin between 375 percent and 38 percent. Apple’s earnings call will begin at 5 p.m. Eastern time, and can be heard live on the company’s investor website.
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “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.”
“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,” said Luca Maestri, Apple’s CFO. “Thanks to the strength of our business results, we are happy to be announcing today a further increase of the program to $250 billion.”