Apple reveals worst revenue performance in March quarter

Apple announced it posted revenue of $61.1 billion (+16 percent) with net income of $13.82 billion in Q2 fiscal 2018.

The device company’s performance was the worst in the March quarter as compared with the December quarter.

The Cupertino, California-based company sold 52.21 million iPhones for $38.03 billion in March quarter vs 77.31 million for $61.57 billion in December quarter.

ALSO READ: Apple’s $100 billion stock buyback overshadows iPhone

Apple generated $4.11 billion by selling 9.11 million iPads in March quarter vs $5.86 billion from 13.17 million iPads in December quarter.

Apple has sold 4.07 million Mac computers for $5.84 billion in March quarter vs 5.11 million units of Mac computers for $6.89 billion in December quarter.

Apple’s services business, which includes Apple Music, the App Store and iCloud, posted $9.1 billion in revenue.
Apple iPhone performance Q1 2018
Apple CEO Tim Cook said: “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan.”

Average selling prices for iPhones were $728. The figure is up more than 10 percent from $655 a year ago, suggesting that Apple’s iPhone X, which starts at $999, has helped boost prices.

Analysts had feared the high price was muting demand for the iPhone X, but Apple Chief Executive Tim Cook said it was the most popular iPhone model every week in the March quarter.

Apple did not talk about the sales performance in India, one of the key markets for the US-based smartphone maker.
Apple performance in geographies Q1 2018
A Strategy Analytics report today said Apple has lost its top smartphone position to Samsung in the first quarter of 2018.

Apple is targeting revenue of $51.5-$53.5 billion, gross margin of 38-38.5 percent and operating expenses of $7.7-$7.8 billion in its fiscal 2018 third quarter. This indicates that Apple is going to book lower revenue in the current quarter as well.

Baburajan K

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