iPhone sales in China surpassed US for the first time. China is capable of driving fortunes of companies even the Most Valuable Company in the world. Apple is growing like a start up despite its size in terms of market capitalisation.
Apple stock rose 1.32% to reach USD 132.65 per share after the announcement of the results for its fiscal 2015 second quarter ended March 28, 2015.
The Company posted quarterly revenue of USD 58 billion and quarterly net profit of USD 13.6 billion, or USD 2.33 per diluted share. These results compare to revenue of USD 45.6 billion and net profit of USD 10.2 billion, or USD1.66 per diluted share, in the year-ago quarter. Gross margin was 40.8 percent compared to 39.3 percent in the year-ago quarter. International sales accounted for 69 percent of the quarter’s revenue.
The growth was fuelled by record second quarter sales of iPhone and Mac and all-time record performance of the App Store.
The tremendous customer demand for Apple products and services in the March quarter has driven the revenue growth of 27 percent and EPS growth of 40 percent for the company. Cash flow from operations was also outstanding at USD 19.1 billion.
Apple is providing the following guidance for its fiscal 2015 third quarter:
- Revenue between USD 46 billion and USD 48 billion
- Gross margin between 38.5 percent and 39.5 percent
- Operating expenses between USD 5.65 billion and USD 5.75 billion
- Other income/(expense) of USD 350 million
- Tax rate of 26.3 percent