Apple just posted its earnings for Q2 2017 and while the numbers aren’t as monstrous as last quarter’s, there’s a lot to love in the new report.
With revenues hitting $52.9 billion, Apple returned to growth for the second straight quarter with $11 billion in profit. iPhone sales were down year-over-year, but Apple CEO Tim Cook says demand for the iPhone 7 Plus is still high.
“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook in statement. “We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose.”
Apple reported iPhone sales of 50.8 million, down slightly from the 51.2 million units it sold in Q2 2016. Mac sales reached 4.2 million units while iPad sales were at 8.9 million.
The company’s board of directors have approved a $50 billion increase to Apple’s stock buy back program. A total of $300 billion will be spent by Apple by the end of March 2019.
Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders and is extending the program timeframe by four quarters.
Revenues in China dipped to $10.7 billion compared to $12.5 billion in the year-ago-quarter. Other products revenue was up 31% compared to the same quarter last year, suggesting strong AirPod and Apple Watch sales.
For Q3 2017, Apple is expecting to make $43.5 billion to $45.5 billion in revenues.
