Apple profits up 12%

Apple posted quarterly revenue of $37.4 billion and quarterly net profit of $7.7 billion. These results compare to revenue of $35.3 billion and net profit of $6.9 billion in the year-ago quarter. Gross margin was 39.4 per cent compared to 36.9 per cent in the year-ago quarter. International sales accounted for 59 per cent of the quarter’s revenue.

“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.”

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