Apple Q3 results: $42.4B revenue, 40M iPhones, 10M iPads sold

Apple reported its third quarter 2016 financial results today, with 40.4 million iPhones and 10 million iPads sold. The company posted quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion, or $1.42 per diluted share. In Q3 2015, Apple had revenue of $49.6 billion and net income of $10.7 billion, or $1.85 per diluted share. Gross margin was 38 percent compared to 39.7 percent a year ago. International sales contributed to 63 percent of this quarter’s revenue. For Q4 2016, Apple is providing guidance of revenue between $45.4 billion and $47.5 billion, and gross margin between 37.5 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.
“We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter,” said Tim Cook, Apple’s CEO. “We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to software and services we previewed at WWDC in June.”

“Our Services business grew 19 percent year-over-year and App Store revenue was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record,” said Luca Maestri, Apple’s CFO. “We returned over $13 billion to investors through share repurchases and dividends, and we have now completed almost $177 billion of our $250 billion capital return program.”

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