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Apple Reports Higher Fiscal Q1 Sales, Flat Net Profit

1/27/2014 12:01:00 PM Eastern

Cupertino, Calif. – Apple reported higher fiscal first quarter sales and operating profit, driven by iPhone and iPad sales, but flat net profit for the quarter ended Dec. 28, 2013.

Apple posted record quarterly revenue of $57.6 billion compared with $54.5 billion in the prior year’s opening quarter.

Quarterly net profit of $13.072 billion was posted, flat with the prior year’s $13.078 billion. Operating profit was $17.5 billion in the quarter compared with the prior year’s $17.2 billion.

International sales accounted for 63 percent of the quarter’s revenue.

Apple 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.

Apple also sold 4.8 million Macs, compared to 4.1 million in the year-ago quarter.

“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 CEO in a statement.

“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, Apples CFO in the same statement.

Apple is providing the following guidance for its fiscal 2014 second quarter which includes 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 and other income/(expense) of $200 million.

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