Apple Q2 results silence iPhone X critics with US$61B in revenue
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Apple has released its fiscal Q2 results and the numbers are, as is often the case, mind boggling. For the months of January, February and March this year, the company grossed US$61.1B in revenue with a net profit of US$13.8B, a new record for the company for its fiscal second quarter. Apple issued an increased quarterly dividend of US$0.73 per share, up from US$0.63 – unsurprisingly, its stock was up 16 percent in trading at the time of writing.
Despite suggestions that the iPhone X may have flopped, the company instead sold 52.2 million iPhones for the quarter, up from 50.8 million for the same period last year. Although it didn’t break out specific sales figures for the iPhone X, Apple CEO Tim Cook told investors that this was “the first cycle we’ve ever had where the top of the line iPhone model has also been the most popular.” Describing iPhone X sales, Cook compared it to winning the Super Bowl, but not by as much as you’d like it. “Maybe you want them to win with a few more points, but it’s a Super Bowl winner…”
iPad sales were relatively flat, up from 8.9 million a year ago to 9.1 million. With its Macs largely in the middle of their product cycle or older, it recorded 4.1 million sales, down from 4.2 million for the same period a year ago. While iPhone sales accounted for 61 percent of Apple’s total revenue, its services business, which includes iTunes, the App Store and Apple Music accounted for an ever increasing slice of its revenue at 15 percent. With the company starting to dip its toes into original content creation, it is looking to this area as one with growth potential in the longer term.