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Sara Stover

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Apple sees profit hit all-time record in 1Q18

Apple reported revenue of $88.3 billion in the first quarter of fiscal 2018, an increase of 13 % from the first quarter of fiscal 2017, and what the company attests is an all-time record. The company announced quarterly earnings per diluted share of $3.89, a 16% increase that is also an all-time record. Apple says international sales accounted for 65 % of revenue in the first quarter.

“Thanks to great operational and business performance, we achieved all-time record profitability during the quarter, with EPS up 16 percent,” said Luca Maestri, Apple’s CFO. “Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return program.”

Apple’s CEO Tim Cook attributes the company’s most successful quarter in its history to several factors, including the highest revenue from a new iPhone lineup ever recorded.

“Our growth was broad-based and a key driver was iPhone, which generated its highest revenue ever,” said Cook, according to a Seeking Alpha transcript. “iPhone X was the best-selling smartphone in the world in the December quarter according to Canalys, and it has been our top selling phone every week since it launched. iPhone 8 and iPhone 8 Plus rounded out the top three iPhones in the quarter. In fact, revenue for our newly launched iPhones was the highest of any lineup in our history, driving total Apple revenue above our guidance range.”

Apple expects revenue between $60 billion and $62 billion in the second quarter of fiscal 2018, as well as the following:

  • Gross margin between 38 % and 38.5 %
  • Operating expenses between $7.6 billion and $7.7 billion
  • Additional income (expense) of $300 million
  • Tax rate of nearly 15 %

A cash dividend of $0.63 per share of the company’s common stock was disclosed by it its board of directors, according to Apple. As of the close of business on February 12, 2018, the dividend is payable on February 15 to shareholders of record.

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