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Apple blasts through records

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Apple yesterday announced a string of sales and revenue records, as sales of both the iPad and iPhone reached new highs in the last quarter.

Apple has posted record quarterly revenue of $57.6-billion for its fiscal 2014 first quarter, driven by all-time quarterly records for iPhone and iPad sales.

The Company 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. The Company sold 4.8-million Macs, compared to 4.1-million in the year-ago quarter.

Its quarterly net profit for the first quarter, which ended on 28 December 2013, remained at $13.1-billion, but climbed to $14.50 per diluted share. These results compare to revenue of $54.5-billion and net profit of $13.1-billion, or $13.81 per diluted share, in the year-ago quarter. Gross margin again declined slightly, down to 37.9% compared to 38.6% in the year-ago quarter.

Significantly, international sales accounted for almost two-thirds – 63% – of the quarter’s revenue.

‚”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’s CEO. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.””

‚””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, Apple’s CFO.

Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the Company’s common stock. The dividend is payable on February 13, 2014, to shareholders of record as of the close of business on February 10, 2014.

Apple is providing the following guidance for its fiscal 2014 second quarter:

• 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

• other income/(expense) of $200 million

• tax rate of 26.2 percent

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