Apple Q1 2017 Earnings: iPhone Shatters Records, Revenue Up to $78.4B


Apple today announced their earnings report for the first fiscal quarter of 2017. A live stream of the earnings call associated with the report confirmed that the company collected a record $78.4 billion in revenue this quarter alone, with a fresh record of iPhone sales being set thanks to high demand for larger iPhone models.

Here’s a rundown of how well each product has done this quarter.

  • iPhone: 78.3 million units sold
  • iPad: 13 million units sold
  • Mac: 5.3 million units sold

For the sake of comparison, here’s a rundown of last quarter’s numbers.

  • iPhone: 45.51 million
  • iPad: 9.28 million
  • Mac: 4.89 million

As you can see, the iPhone has performed extremely well on the market when compared to last quarter’s results thanks to the recently launched iPhone 7 and (especially) iPhone 7 Plus. In addition, a bulk of the company’s revenue is contributed to the Apple Watch Series 2/1, AirPods, and new MacBook Pros (hence the spike in sales regarding the Mac category in Q1 2017).

According to CEO Tim Cook, each of Apple’s products have performed better than they have in recent history. He says Apple Watch had it’s best quarter so far, Mac saw a big jump in revenue, and the company’s services also performed better than ever. A statement from Cook can be found below.

“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” said Tim Cook, Apple’s CEO. “Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”
In addition, CFO Luca Maestri said on the earnings call that satisfaction is high amongst users of the new iPad Pro, although sales are down when compared to year-over-year numbers. The following quote explains more regarding the earnings.

“Our outstanding business performance resulted in a new all-time record for earnings per share, and over $27 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “We returned nearly $15 billion to investors through share repurchases and dividends during the quarter, bringing cumulative payments through our capital return program to over $200 billion.”

All of this is in comparison to Apple’s Q4 2016 which marked the first fiscal quarter the company actually went down in revenue. Thanks to the iPhone 7/Plus, new MacBooks, AirPods, and fresh Apple Watch lineup, the company gained back their reputation for continuing to grow revenue wise. This has led to the Cupertino giant releasing the following figures they look to achieve come Q2 2017 which obviously consider the fact that a new iPhone and/or Apple Watch won’t be launching until Q4 of this year.
  • revenue between $51.5 billion and $53.5 billion
  • gross margin between 38 percent and 39 percent
  • operating expenses between $6.5 billion and $6.6 billion
  • other income/(expense) of $400 million
  • tax rate of 26 percent

You can read more about Apple’s Q1 2017 earnings here.

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