Apple reported its first quarter 2016 financial results today, with 74.8 million iPhones and 16 million iPads sold. The company posted quarterly revenue of $75.9 billion and quarterly net profit of $18.4 billion, or $3.28 per diluted share. In Q1 2015, Apple had revenue of $74.6 billion and net profit of $18 billion, or $3.06 per diluted share. Gross margin was 40.1 percent compared to 39.9 percent a year ago. International sales contributed to 66 percent of this quarter’s revenue. For Q2 2016, Apple is providing guidance of revenue between $50 billion and $53 billion, and gross margin between 39 percent and 39.5 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 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,” Apple CEO Tim Cook said. “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.”
“Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,” Apple CFO Luca Maestri said. “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.”