Apple posts mixed Q4 results
Revenues decline as services earnings grow by almost a quarter
Apple has announced financial results for its fiscal 2016 fourth quarter ended 24 September 2016.
Apple posted its quarterly revenue of $46.9bn and quarterly net income of $9bn, or $1.67 per diluted share. These results compare to revenue of $51.5bn and net income of $11.1bn, or $1.96 per diluted share, in the year-ago quarter. Gross margin was 38% compared to 39.9% in the year-ago quarter. International sales accounted for 62% of the quarter’s revenue.
“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Tim Cook, Apple’s CEO. “We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record.”
“We are pleased to have generated $16.1bn in operating cash flow, a new record for the September quarter,” said Luca Maestri, Apple’s CFO. “We also returned $9.3bn to investors through dividends and share repurchases during the quarter and have now completed over $186bn of our capital return program.”
However, Apple is projecting rise in revenues for its fiscal 2017 first quarter of between $76bn and $78bn.
Apple’s board of directors has declared a cash dividend of $0.57 per share of the company’s common stock. The dividend is payable on 10 November 2016 to shareholders of record as of the close of business on 7 November 2016.