Apple Reports Record Results for 1Q 2018: $20B Profit on $88B Revenue, 77.3M iPhones
Apple today announced financial results for the first fiscal quarter of 2018, which corresponds to the fourth calendar quarter of 2017.
For the quarter, Apple posted revenue of $88.3 billion and net quarterly profit of $20.1 billion, or $3.89 per diluted share, compared to revenue of $78.4 billion and net quarterly profit of $17.9 billion, or $3.36 per diluted share, in the year-ago quarter. The revenue and earnings per share numbers were company records for any quarter in the company’s history.
Gross margin for the quarter was 38.4 percent, compared to 38.5 percent in the year-ago quarter, with international sales accounting for 65 percent of revenue. Apple also declared an upcoming dividend payment of $0.63 per share, payable February 15 to shareholders of record as of February 12.
For the quarter, Apple sold 77.3 million iPhones, compared to 78.3 million in the year-ago quarter. iPad sales were up slightly to 13.2 million, up from 13.1 million a year ago, and Mac sales slipped to 5.1 million from 5.4 million.
“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO. “We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”
Apple’s guidance for the second quarter of fiscal 2018 includes expected revenue of $60-62 billion and gross margin between 38 and 38.5 percent.
Apple will provide live streaming of its fiscal Q1 2018 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights.
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