Wednesday July 27, 2016

Apple Reports Third Quarter Results

Apple's stock is up today as its earnings beat analysts' expectations yesterday. The company's quarterly profit fell from $10.68 billion a year ago to $7.8 billion, down a total of 27%. Quarterly revenue was $42.36 billion, down 14.6% from $49.60 billion compared to the same quarter last year.

Apple today announced financial results for its fiscal 2016 third quarter ended June 25, 2016. The Company posted quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion, or $1.42 per diluted share. These results compare to revenue of $49.6 billion and net income of $10.7 billion, or $1.85 per diluted share, in the year-ago quarter. Gross margin was 38 percent compared to 39.7 percent in the year-ago quarter. International sales accounted for 63 percent of the quarter’s revenue.