Apple on Tuesday announced financial results for its second fiscal quarter of 2019 (first calendar quarter of 2019). The company reported $11.56 billion profit on $58 billion revenue as its Services revenue hit an all-time high.
For the quarter, Apple posted revenue of $58 billion and net quarterly profit of $11.56 billion, or $2.46 per diluted share, compared to revenue of $61.1 billion and net quarterly profit of $13.8 billion, or $2.73 per diluted share, one year ago.
Apple’s services segment brought in $11.5 billion in revenue during the quarter, a considerable bump from the $9.9 billion services earned during the second quarter of 2018. The earnings set a new all-time record for services revenue this quarter.
“Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record,” said Tim Cook, Apple’s CEO. “We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.”
Gross margin for the quarter was 37.6%, down slightly from 38.3% in the year-ago quarter. International sales accounted for 61% of revenue.
Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock, , up from $0.73, an increase of 5%t. The dividend is payable on May 16, 2019 to shareholders of record as of the close of business on May 13, 2019.
In addition to the increase in the dividend payment, Apple says it has authorized another $75 billion for share repurchases.
Apple is providing the following guidance for its fiscal 2019 third quarter:
- Revenue between $52.5 billion and $54.5 billion
- Gross margin between 37 percent and 38 percent
- Operating expenses between $8.7 billion and $8.8 billion
- Other income/(expense) of $250 million
- Tax rate of approximately 16.5 percent
Apple will provide live streaming of its Q2 2019 financial results conference call beginning at 2:00 p.m. PDT (5:00 p.m. EDT) on April 30, 2019 at www.apple.com/investor/earnings-call/.
