Apple reports 16% revenue growth in latest financial results

Apple reports 16% revenue growth in latest financial results

Apple yielded $61.1 billion in revenue for the second fiscal quarter of 2018, according to its latest financial results.

The figure represents a 16% increase compared with the same period last year, while quarterly earnings per diluted share increased by 30% to $2.73. International sales accounted for 65 percent of the quarter’s revenue.

Apple CEO Tim Cook singled out iPhone, services and wearables as key growth areas.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” he said.

“Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.” 

Luca Maestri, Apple’s CFO promised further investment and revealed that the company has given the green light to share repurchase.

“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” said Maestri.

“With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure. Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorisation and a 16 percent increase in our quarterly dividend.” 

Apple will complete the execution of the previous $210 billion share repurchase authorisation during the third fiscal quarter.

Apple’s board has declared a cash dividend of $0.73 per share of Apple’s common stock payable to shareholders on May 17, 2018. Since 2012, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases.

Looking ahead to the upcoming fiscal third quarter of the year, Apple is forecasting revenue between $51.5-53.5 billion, with a gross margin between 38-38.5%. Operating expenses are expected to be between $7.7-7.8 billion.

Apple Music added videos to its service back in March

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