Apple also just released its latest financials. Despite some negative press claiming ‘weak outlook’ mainly because Wall Street overestimated how many iPhones Apple would sell, they actually had a record-breaking quarter, with the highest ever June quarter earnings with revenue of $49.6 billion – led mainly by sales of 47.5 million iPhones and 4.7 million Macs.
Record-breaking June quarter for Apple
The quarterly net profit for Apple was $10.7 billion, up from $7.4 billion in the same quarter of last year.
“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch”, said Apple CEO Tim Cook.
RELATED: Microsoft post record quarterly loss
iPhone sales rose 35%, and revenue on the device was up 59% driven mainly by higher margins on the iPhone 6 and iPhone 6 Plus. Overall gross margin was 39.7%, compared to 39.4% in the same time frame last year.
Even though Apple set another record, easily beating last year’s 35.2 million iPhones in the June quarter, iPhone sales fell short of Wall Street expectations – hence the many negative articles in the press today. Most analysts though that iPhone sales would reach 50 million units.
In terms of the Mac, sales were up 9%, and iPad sales fell to 10.9 million – an 18% decline since last year.
As expected, no details about sales of the Apple Watch were revealed in the company’s earnings call on Tuesday, but the company did say the product launch was “successful”.
“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch”, said Tim Cool. “The excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall”.
Apple also saw amazing growth in China, where revenues were up 112%, led by the iPhone 6 Plus being the country’s most popular smartphone.