Apple Blows Out the Street

Apple reported their 2nd Quarter (Jan-Mar) earnings on Thursday and just like the Celtics victory over the Heat it was a blow out! For the quarter, Apple’s revenue hit $90.75 billion, down from the $94.8 billion reported in Q2 a year ago but the earnings per share of $1.53 is up from $1.52 in the year-ago quarter.

For the quarter, Apple posted revenue of $90.8 billion and net quarterly profit of $23.6 billion, or $1.53 per diluted share Apple set an all-time quarterly record for Services revenue at $23.9 billion. iPhone revenue dropped by over $5 billion compared to the year-ago quarter.

Gross margin for the quarter was 46.6 percent, compared to 44.3 percent in the year-ago quarter. Tim Cook, Apple CEO said:

Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services. During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”

Apple’s board of directors also authorized an additional $110 billion for share repurchases and declared an increased dividend payment of $0.25 per share, up from $0.24 per share. The dividend is payable May 16 to shareholders of record as of May 13.