By Jay Jay
It's confirmed now. Apple's foray into the larger devices with the launch of the iPhone 6 and the iPhone 6 Plus last year was spot on.
It's financial results for the first quarter revealed a record revenue of $74.6 billion and a profit of $18 billion. Of these, 65 per cent of sales were achieved outside the United States. This was a much improved performance over the previous year, when Apple posted a revenue of $57.6 billion and a net profit of $13.1 billion.
Speaking on the quarterly performance, Tim Cook said, “We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high,“Our revenue grew 30 per cent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal.” Phenomenal indeed.
Apple's surge has come at a time when Samsung, it's prime competitor among smartphone makers, is facing a crisis in terms of smartphone sales. Apple has even recorded a 70 per cent growth in sales in China where home-grown Xiaomi is aiming to capture the entire smartphone market share.
Tim Cook may hope for better days ahead with the imminent release of the Apple Watch come April as well as the much anticipated iPad Pro around the same time. Emphasizing Apple's financial performance, Cook added, “Our exceptional results produced EPS growth of 48 per cent over last year, and $33.7 billion in operating cash flow during the quarter, an all-time record.”
Said Luca Maestri, Apple’s CFO. “We spent over $8 billion on our capital return program, bringing total returns to investors to almost $103 billion, over $57 billion of which occurred in just the last 12 months.”
And, the number of iPhones sold was 74.6 million.