Apple reports Q3 results - revenues down on same quarter last year

Apple reports Q3 results - revenues down on same quarter last year

Apple has reported its financial results for its fiscal 2016 third quarter ended June 25, 2016, revealing a dip in revenues on the same quarter one year ago.

The company posted quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion, or $1.42 per diluted share. These results compare to revenue of $49.6 billion and net income of $10.7 billion, or $1.85 per diluted share, in the year-ago quarter. However, these results were in line with Apple’s own expectations.

Gross margin was 38% compared to 39.7% in the year-ago quarter. International sales accounted for 63% of the quarter’s revenue.

“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.”

Apple’s quarterly reports also showed that sales of iPhones, iPads and Macs were all down year-on-year, although sales of its smartphones are likely to increase later this year, with a new model expected in September.

The company sold 40.4 million iPhones this quarter, compared to 47.5 million this time last year. 

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