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Apple posts Q2 earnings: Revenue hits $61.1 billion as iPhone sales fall slightly below expectations

Apple Earnings

Apple this afternoon posted its earnings results for the recent March quarter and, as we’ve come to expect, the company remains a money-making machine. Over the past quarter, Apple generated $61.1 billion in revenue with earnings per share checking in at $2.73 Ahead of Apple’s earnings report, analysts on Wall St. were anticipating revenue to fall somewhere in the $61 billion range and EPS to be about $2.69.

As a point of reference, Apple during the same quarter a year-ago posted revenue of $52.9 billion and earnings per share checking in at $2.10. Going back a bit further, Apple during its March 2016 quarter posted revenue of $50.6 billion and EPS of $1.90.

Of course, with the iPhone still accounting for the vast majority of Apple’s revenue, analysts tend to gauge Apple’s financial health by closely keeping tabs on quarterly iPhone sales.

So how did Apple do?

Well, amid reports that iPhone X sales have been somewhat disappointing, cumulative iPhone sales for the quarter checked in at 52.2 million units. Analysts, meanwhile, were anticipating iPhone sales to fall in the 53 million range. By way of comparison, Apple during the same quarter a year-ago sold 50.7 million iPhones.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” Tim Cook said in a press release. “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% growth in Greater China and Japan.”

“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” Apple CFO Luca Maestri added.

Incidentally, with Apple now having more cash at its disposal thanks to the Republican tax plan, Apple announced a 16% increase to its quarterly dividend.

Regarding the rest of Apple’s product line, iPad and Mac sales checked in at 9.1 million and 4.07 million units, respectively. Notably, revenue from Apple’s ‘Other Products’ category — which includes the Apple Watch, the HomePod, the Apple TV and AirPods — jumped by an impressive 38% year over year. Revenue from Apple’s Services division, meanwhile, increased by 31% year over year.


A life long Mac user and Apple enthusiast, Yoni Heisler has been writing about Apple and the tech industry at large for over 6 years. His writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and most recently, TUAW. When not writing about and analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions, the most recent examples being The Walking Dead and Broad City.