Apple registers 4.9% profit despite drop in iPhone sales

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Apple, the world’s most valuable company registered a profit of 4.9 per cent in the quarter ending April 1, 2017. The revenue for the quarter stood at $52.9 billion, despite the fact that the company sold fewer iPhones compared to the year ago period.

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Apple sold 50.76 million units of the iPhone in the quarter ending April 1, 2017.

Apple, which is celebrating the 10th anniversary of the iPhone saw its market cap go up to $776.59 billion yesterday, making it the only US-listed company with a market cap in excess of $700 billion.

The company sold 50.76 million units of its iconic iPhone during the quarter, down from 51.19 million units during the year ago period. The drop in numbers, however, had no negative impact on overall revenue, given the fact that Apple increased the average selling price of an iPhone by $13 to $655.

Earnings per diluted share stood at $2.10, up $0.20 from the same quarter last year. Cash in hand stood at $256.8 billion.

Apple shareholders will earn a dividend of $0.63 per share, with the Board of Directors agreeing for a 10.5 per cent increase in the quarterly dividend. The Board also approved an increase of $50 billion to return capital to shareholders. The company has paid a sum of $211 billion to shareholders over the last five years.

Product Units sold (million) Revenue generated ($ million)
iPhone 50,763 33,249
iPad 8,922 3,889
Mac 4,199 5,844

iPhone sales contributed to 62 per cent of the total revenue, with the iPad and Mac sales accounting for 7.35 per cent and 11 per cent of the revenue respectively.

Apple remains optimistic about its performance in India, with it looking to produce affordable iPhones through a new manufacturing unit in Bengaluru.

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