Apple: iPhone Drove Fiscal Q2 Results

Cupertino, Calif. – Gains in Apple’s revenue and net profit in the fiscal second quarter were driven by strong iPhone demand.
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Cupertino, Calif. – Gains in Apple’s revenue and net profit in the fiscal second quarter were driven by strong iPhone demand.

For the quarter ended March 29, revenue was $45.6 billion, up from $43.6 year-on-year, and quarterly net profit was $10.2 billion, up from $9.5 billion year-on-year.

Apple also reported gross margins of 39.3 percent compared with 37.5 percent in the year-ago quarter. International sales accounted for 66 percent of the quarter’s revenue.

“We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services,” said Tim Cook, CEO, in a company statement. “We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market.”

Peter Oppenheimer, chief financial officer, commented, “We generated $13.5 billion in cash flow from operations and returned almost $21 billion in cash to shareholders through dividends and share repurchases during the March quarter. “That brings cumulative payments under our capital return program to $66 billion.”

Apple is providing the following guidance for its fiscal 2014 third quarter; revenue should range between $36 billion and $38 billion; gross margin should be between 37 percent and 38 percent; operating expenses should range between $4.4 billion and $4.5 billion; and other income/(expense) should be $200 million.

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