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Record revenue for Apple as iPhone sales dip

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Apple has reported the slowest year-on-year growth for iPhone sales since the iconic device was first launched. However, the company still boasts an impressive profit of $18,4-billion.
Apple sold 74,8-million iPhones during the last quarter, which is less than 1% more than the number of iPhones it sold a year ago.
The company yesterday announced financial results for its fiscal 2016 first quarter ended 26 December 2015, posting record quarterly revenue of $75,9-billion and record quarterly net income of $18,4-billion, or $3.28 per diluted share.
These results compare to revenue of $74,6-billion and net income of $18-billion, or $3.06 per diluted share, in the year-ago quarter. Gross margin was 40,1% compared to 39,9% in the year-ago quarter. International sales accounted for 66% of the quarter’s revenue.
“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,” says Tim Cook, Apple’s CEO. “The growth of our Services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices.”
“Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,” said Luca Maestri, Apple’s CFO. “We generated operating cash flow of $27,5-billion during the quarter, and returned over $9 billion to investors through share repurchases and dividends. We have now completed $153 billion of our $200-billion capital return programme.”