Apple’s Q2 2017 Results: $52.9 Billion Revenue & $11 Billion Profit

Today, Apple announced their financial results for their second fiscal quarter, and first calendar quarter of 2017. Apple posted a revenue of $52.9 billion, and net profit of $11 billion for the quarter, with $2.10 per diluted share. Compare that to Q2 2016, in which Apple posted revenue of $50.6 billion, and profit of $10.5 billion with $1.90 per diluted share for the quarter. Apple’s Q2 2017 delivered gains across the board to make up for this time last year with their first decline since 2003. That’s a 4.5% increase in revenue, and a 4.75% increase in profit, showing a significant decline. Gross Margin was at 38.4% compared to 39.4% the year ago quarter, and 65% of sales were international.

Apple’s guidance for this quarter was between $51.5–53.5 billion billion, so they came in at the middle of that range. As far as unit sales, the iPhone reached 50.8 million units in the quarter, compared to 51.1 million from the year ago quarter. Apple sold 8.92 million iPads, down from the 10.25 million in Q2 2016. Apple also sold 4.20 million Macs, which is up from the 4.03 million in the year ago quarter. The company now has $256.8 billion in cash and marketable securities. Apple’s guidance for the third quarter of 2017 offers expected revenue of $43.5–45.5 billion, and gross margin between 37.5 and 38.5%.

As CEO Tim Cook describes,

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. 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.”

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