Apple’s quarterly earnings beat expectations for third quarter of FY 2014
by Brent Dirks
July 22, 2014
Apple has just announced its earnings report for the 2014 fiscal third quarter. The company beat Wall Street expectations and posted revenue of $37.4 billion with a net profit of $7.7 billion.
That’s compared to revenue of $35.3 billion and $6.9 billion in profit during the same quarter a year ago.
During the time period, Apple sold 35.20 million iPhones, 13.27 million iPads, 4.41 million Macs, and 2.96 million iPods.
Compared to the year-ago quarter, iPhone sales were up more than 10 percent while iPad numbers were down more than 1 million units. Coming as no surprise, iPod sales continue to fall off a cliff.
“Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters,” said Tim Cook, Apple’s CEO. “We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can’t wait to introduce.”
“We generated $10.3 billion in cash flow from operations and returned over $8 billion in cash to shareholders through dividends and share repurchases during the June quarter,” said Luca Maestri, Apple’s CFO. “We have now taken action on over $74 billion of our $130 billion capital return program with six quarters remaining to its completion.”
For the 2014 fiscal fourth quarter, Apple provided guidance of revenue between $37 billion and $40 billion and gross margin between 37 and 38 percent.
A conference call to discuss earnings will begin at 5 p.m. ET. You can listen to the call by heading here. You’ll need an iOS device, a Mac running OS X 10.6.8 or above, or any PC with QuickTime 7 or later.
