Apple reports record quarterly revenue
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Apple reports record quarterly revenue

Apple has announced financial results for its fiscal 2014 first quarter that ended Dec. 28, 2013. The company posted record quarterly revenue of US$57.6 billion and quarterly net profit of $13.1 billion, or $14.50 per diluted share.

These results compare to revenue of $54.5 billion and net profit of $13.1 billion, or $13.81 per diluted share, in the year-ago quarter. Gross margin was 37.9% compared to 38.6% in the year-ago quarter. International sales accounted for 63% of the quarter’s revenue.

The company sold 51 million iPhones, an all-time quarterly record, compared to 47.8 million in the year-ago quarter. Apple also sold 26 million iPads during the quarter, also an all-time quarterly record, compared to 22.9 million in the year-ago quarter. The company sold 4.8 million Macs, compared to 4.1 million in the year-ago quarter.

Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the company’s common stock. The dividend is payable on Feb. 13, 2014, to shareholders of record as of the close of business on Feb. 10, 2014.

"We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services," Apple CEO Tim Cook said in a press release. "We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better."

"We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion,” added Peter Oppenheimer, Apple’s chief financial officer.

Apple is providing the following guidance for its fiscal 2014 second quarter: revenue between $42 billion and $44 billion; gross margin between 37% and 38%; operating expenses between $4.3 billion and $4.4 billion; other income/(expense) of $200 million; a tax rate of 26.2%.

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