Apple today announced financial results for its fiscal 2015 second quarter ended March 28, 2015. The Company posted quarterly revenue of $58 billion and quarterly net profit of $13.6 billion, or $2.33 per diluted share. These results compare to revenue of $45.6 billion and net profit of $10.2 billion, or $1.66 per diluted share, in the year-ago quarter. Gross margin was 40.8 percent compared to 39.3 percent in the year-ago quarter. International sales accounted for 69 percent of the quarter’s revenue.
The growth was fueled by record second quarter sales of iPhone and Mac and all-time record performance of the App Store.
“We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” said Tim Cook, Apple’s CEO, in a statement. “We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”
• iPhone: 61.170 million units, $40.282 billion revenue (vs. 43.719 million units (+40%), $26.064 billion revenue (+55%) YOY)
• iPad: 12.623 million units, $5.428 billion revenue (vs. 16.350 million units (-23%), $7.610 billion revenue (-29%) YOY)
• Mac: 4.563 million units, $5.615 billion revenue (vs. 4.136 million units (+10%), $5.519 billion revenue (+2%) YOY)
• Services: $4.996 billion revenue (vs. $4.573 billion revenue (+9%) YOY) (includes revenue from the iTunes Store, App Store, Mac App Store, iBooks Store, AppleCare, Apple Pay, licensing and other services.)
• Other Products: $1.689 billion revenue (vs. $1,880 billion revenue (-10%) YOY) (includes sales of iPod, Apple TV, Beats Electronics and Apple-branded and third-party accessories.)
“The tremendous customer demand for our products and services in the March quarter drove revenue growth of 27 percent and EPS growth of 40 percent,” said Luca Maestri, Apple’s CFO, in a statement. “Cash flow from operations was also outstanding at $19.1 billion.”
Apple is providing the following guidance for its fiscal 2015 third quarter:
• revenue between $46 billion and $48 billion
• gross margin between 38.5 percent and 39.5%
• operating expenses between $5.65 billion and $5.75 billion
• other income/(expense) of $350 million
• tax rate of 26.3%
Apple will provide live streaming of its Q2 2015 financial results conference call beginning at 2:00 p.m. PDT on April 27, 2015 at www.apple.com/quicktime/qtv/earningsq215.
The consensus estimate from analysts polled by Thomson Reuters calls for Apple to report earnings of $2.16 a share on revenue of $56.08 billion. In the second quarter last year, the company posted earnings of $1.66 a share, which beat analysts’ expectations of $1.46 a share. Revenue of $45.646 billion beat the consensus estimate of $43.563 billion. In January, Apple said sales would total between $52 billion and $55 billion for the three-month period, and gross margin would fall between 38.5% and 39.5%.
The non-GAAP whisper number is $2.31 a share, indicating even more positive underlying sentiment.
MacDailyNews Take: Boom!
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