Apple has reported quarterly revenue of $52.9 billion with a net profit of $11.0 billion in their earnings for the financial year Q2 2017 that ended April 1, 2017. Revenues were up 4.54% year-over-year. Apple reported quarterly earnings per diluted share of $2.10 compared to diluted share of $1.90 in the year-ago quarter. During earnings call Tim Cook said that iPhone sales were line in line with their expectations, and they are seeing continued strong demand for iPhone 7 Plus. He also said that active installed base of iPhones grew by double digits year over year.
It sold 50.8 million iPhones, compared to 51.2 million in FY Q2 2016, which is 0.78% down YoY. It sold just 8.9 million iPads, another year-on-year decline from 10.25 million, but it sold 4.2 million Macs, up 4% over last year. Apple said that demand for MacBook Pro was very strong, helping to drive overall portables growth of 10%, twice the growth of the portables market.
The CEO also said that it has set a new March quarter record for India, where revenue grew by strong double digits. Regarding the growth he said:
We continue to strengthen our local presence across the entire ecosystem, and we’re very optimistic about our future in this remarkable country with its very large, young, and tech-savvy population, fast-growing economy, and improving 4G network infrastructure.
Regarding revenues in several markets, Luca Maestri, Apple’s CFO, said:
Revenue for the March quarter was $52.9 billion, and we achieved double-digit growth in the U.S., Canada, Australia, Germany, the Netherlands, Turkey, Russia and Mexico. Our growth rates were even higher, over 20% in many other markets, including Brazil, Scandinavia, the Middle East, Central and Eastern Europe, India, Korea and Thailand.
We had very solid iPhone growth in four of our five operating segments and experienced especially strong results in Western Europe, the Middle East, and our Rest of Asia-Pacific segment, all areas of the world where iPhone sales were up double digits.
For the second quarter in a row, Apple’s Services revenue topped $7 billion. App Store revenue grew 40% year over year to an all-time quarterly record. Number of developers offering apps for sale on Apple store was up 26% over last year, said Apple. Apple Music paid subscriptions has crossed 165 million.
“With the launch of Taiwan and Ireland in the March quarter, Apple Pay is now live in 15 markets with more than 20 million contactless-ready locations, including more than 4.5 million locations accepting Apple Pay in the U.S. alone,” said Apple CEO.
Apple also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders and is extending the program timeframe by four quarters, through March of 2019, and increasing in size to a total of $300 billion.
Apple expects revenue between $43.5 billion and $45.5 billion billion for FY Q3 2017.