iPhone and iPad sales drive record revenue and operating profit
Apple has announced strong financial results for its fiscal 2014 first quarter ended 28 December 2013.
The company posted record quarterly revenue of $57.6 billion and quarterly net profit of $13.1 billion, or $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 same quarter 2012.
Gross margin was 37.9% compared to 38.6% one year ago in the same quarter. Interestingly for the US-based company, international sales accounted for 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.'
Apple sold 51 million iPhones, an all-time quarterly record, compared to 47.8 million in the fourth quarter 2012. Apple also sold 26 million iPads during the quarter, also an all-time quarterly record, compared to 22.9 million one year ago. The company sold 4.8 million Macs, compared to 4.1 million for the same period 2012.
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 13 February 2014.
'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 programme to over $43 billion,' noted Peter Oppenheimer, Apple's CFO.
Apple is providing the following guidance for its fiscal 2014 second quarter: revenue between $42 billion and $44 billion; gross margin between 37%and 38%; operating expenses between $4.3 billion and $4.4 billion; other income/expense of $200 million; tax rate of 26.2%.
