Apple has announced its earnings for this past holiday quarter, and the results are a doozy. The company reported $57.6 billion in revenue, which is an all-time record. 51 million iPhones and 26 million iPads were sold, which are both records as well.
This quarter’s results are particularly important for Apple because of all the new hardware it announced before Christmas. The iPhone is obviously selling well, but the iPad’s growth is insane when you consider that Apple only sold 14 million units in Q1 of 2013.
Apple’s own expectations for this first fiscal quarter of 2014 were between $55 billion and $58 billion in revenue. Q1 of 2013 was Apple’s best quarter ever with $37.5 billion in revenue and $7.5 billion in profit.
Tim Cook and co. will be holding a conference call with investors and analysts shortly to discuss this past quarter. We’re hoping to hear more about the iPhone 5c’s sales as well as Apple’s growth in the Far East now that the China Mobile deal has been struck.
If history is any indication, eager analysts will ask Cook about future product plans, and such questions will be curb stomped. But there’s always the chance we’ll get a little hint about all the exciting stuff Cook has said is coming in 2014. Join our liveblog for all the details during the earnings call.
Here’s the full press release from Apple:
Apple today announced financial results for its fiscal 2014 first quarter ended December 28, 2013. The Company posted record quarterly revenue of $57.6 billion and quarterly net profit of $13.1 billion, or $14.50 per diluted share. These results compare to revenue of $54.5 billion and net profit of $13.1 billion, or $13.81 per diluted share, in the year-ago quarter. Gross margin was 37.9 percent compared to 38.6 percent in the year-ago quarter. International sales accounted for 63 percent of the quarter’s revenue.
“We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
The Company sold 51 million iPhones, an all-time quarterly record, compared to 47.8 million in the year-ago quarter. Apple also sold 26 million iPads during the quarter, also an all-time quarterly record, compared to 22.9 million in the year-ago quarter. The Company sold 4.8 million Macs, compared to 4.1 million in the year-ago quarter.
Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the Company’s common stock. The dividend is payable on February 13, 2014, to shareholders of record as of the close of business on February 10, 2014.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” said Tim Cook, Apple’s CEO. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
“We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion,” said Peter Oppenheimer, Apple’s CFO.
Apple is providing the following guidance for its fiscal 2014 second quarter:
– revenue between $42 billion and $44 billion
– gross margin between 37 percent and 38 percent
– operating expenses between $4.3 billion and $4.4 billion
– other income/(expense) of $200 million
– tax rate of 26.2 percent