Apple Reports Quarterly Profit of $18.4 Billion, Sets New Record
Another year another record quarterly earnings by Apple. The Cupertino-based giant announced their fiscal first quarter earnings ended December 26, 2015. A record quarterly revenue of $75.9 billion with a profit of $18.4 billion, the largest in history. This is a little over than the numbers Apple raked in the same quarter the year before, which was the largest ever recorded by a single public corporation then.
“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,” said Tim Cook, Apple’s CEO. “The growth of our Services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices.”
Now that the earnings are in, Apple has provided their prediction for the second quarter, which is the first three months of 2016 for the company. It expects to generate between $50 billion to $53 billion in revenues which is down from $58 billion in revenues it booked for the same quarter last year.
“Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,” said Luca Maestri, Apple’s CFO. “We generated operating cash flow of $27.5 billion during the quarter, and returned over $9 billion to investors through share repurchases and dividends. We have now completed $153 billion of our $200 billion capital return program.”