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Apple reports 'best quarter ever' with revenue of $61.1bn

May 09 2018 09:31
Duncan Alfreds

Apple has reported its "best quarter ever" as revenues climb to $61.1bn.

The iPhone maker said that the revenue growth represents a 16% increase from a year ago, with international sales accounting for 65% of revenue.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables," said CEO Tim Cook in a statement.

He added that iPhone growth was 20% higher in China and Japan. This underlines the company's drive to compete in Asia, one of the strongest growth areas for mobile technology.

"Our business performed extremely well during the March quarter, as we grew earnings per share by 30% and generated over $15bn in operating cash flow," said Luca Maestri, Apple's CFO.

He said that the company has approved a $100bn share repurchase.

The news comes as Apple faces increasing pressure from investors over growth.

Apple shares took a dive during April as investor concern mounted over sales of the iPhone.

Several Apple suppliers including Taiwan Semiconductor Manufacturing predicted lower than expected sales.

However, Apple shares are up for the year, from $154 in May 2017 to about $185 this month.

Also giving the company a boost was legendary investor Warren Buffet who bought an additional 75 million Apple shares last week.

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apple  |  warren buffett  |  mobile  |  iphones


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