Apple Reports Second Quarter 2017 Results

Apple Reports Second Quarter 2017 Results… Apple’s Capital Return Program Expanding to $300 Billion.

$52.9 Billion In Second Quarter 2017

May 2, 2017. – Apple announces financial results for its fiscal 2017 second quarter ended April 1, 2017. Apple posted quarterly revenue of $52.9 billion and quarterly earnings per diluted share of $2.10. These results can be compared to revenue of $50.6 billion and earnings per diluted share of $1.90 in the year-ago quarter (2016). Apple notes that international sales accounted for 65 percent of the second quarter’s revenue.

Robust Demand for iPhone 7 Plus

“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook, Apple’s CEO. “We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter.”

Worldwide Developers Conference in June 2017

Tim Cook outlined that looking ahead, Apple team were excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month (for June 2017) in San Jose.

$50 Billion Increase in Apple’s Program Return Capital

On May 12, 2017, Apple also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders and is extending the program time-frame by four quarters. Altogether, under the expanded program, Apple plans to spend a cumulative total of $300 billion by the end of March 2019.

“We generated strong operating cash flow of $12.5 billion and returned over $10 billion to our investors in the March quarter,” said Luca Maestri, Apple’s CFO. “Given the strength of our business and our confidence in our future, we are happy to announce another $50 billion increase to our capital return program today.”

Besides, as part of the latest update to the program, the Board has increased its share repurchase authorization to $210 billion from the $175 billion level announced a year ago. The Company also expects to continue to net-share-settle vesting restricted stock units.

The Board has approved a 10.5% increase to the Company’s quarterly dividend, and has declared a dividend of $0.63 per share of the Company’s common stock, payable on May 18, 2017 to shareholders of record as of the close of business on May 15, 2017.

From the inception of its capital return program in August 2012 through March 2017, Apple has returned over $211 billion to shareholders, including $151 billion in share repurchases.

Apple Plans of Assistance in Funding the Program

Apple also plans to continue to access the domestic and international debt markets to assist in funding the program. The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.

Apple’s Guidance for Its Fiscal 2017 Third Quarter

The same day, Apple has provided the following guidance for its fiscal 2017 third quarter:

• Revenue between $43.5 billion and $45.5 billion.
• Gross margin between 37.5 percent and 38.5 percent.
• Operating expenses between $6.6 billion and $6.7 billion.
• The income/(expense) of $450 million.
• Tax rate of 25.5 percent

Life Streaming of Financial Results and Webcast Availability

Apple provided live streaming of its Q2 2017 financial results conference call beginning at 2:00 p.m. PDT on May 2, 2017. The company promised to add this webcast for replay for approximately two weeks thereafter.

Disclaimer

This press release provided by Apple contains forward-looking statements including without limitation those about the Apple’s estimated revenue, gross margin, operating expenses, other income/expense, tax rate, and plans for return of capital. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company’s reaction to those factors, on consumer and business buying decisions with respect to the Company’s products; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company’s gross margin; the inventory risk associated with the Company’s need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company’s business currently obtained by the Company from sole or limited sources; the effect that the Company’s dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; risks associated with the Company’s international operations; the Company’s reliance on third-party intellectual property and digital content; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the Company’s dependency on the performance of distributors, carriers and other resellers of the Company’s products; the effect that product and service quality problems could have on the Company’s sales and operating profits; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; and unfavorable results of legal proceedings. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended September 24, 2016, its Form 10-Q for the fiscal quarter ended December 31, 2016, and its Form 10-Q for the fiscal quarter ended April 1, 2017 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Source: Apple Reports Second Quarter 2017 Results.

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