Apple reports Q2 2019 revenue of $58 billion

Apple on Tuesday disclosed its [fiscal] Q2 2019 earnings report, offering a look at its performance over the past 3 months. During the quarter, the company says it raked in $58 billion. That’s a hair over the $57.5 billion Wall Street analysts expected, and about 5% less than the $61.1 billion it reported in Q2 last year.

Here are some comments from Tim Cook and CFO Luca Maestri:

“Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record,” said Tim Cook, Apple’s CEO. “We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.”

“We generated operating cash flow of $11.2 billion in the March quarter and continued to make significant investments in all areas of our business,” said Luca Maestri, Apple’s CFO. “We also returned over $27 billion to shareholders through share repurchases and dividends. Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. We are also raising our quarterly dividend for the seventh time in less than seven years.”

As you may recall, Apple announced late last year that it will no longer be reporting iPhone, iPad and Mac unit sales numbers. But they do offer up some stats worth noting:

  • Quarterly earnings per diluted share of $2.46
  • International sales accounted for 61% of the quarter’s revenue
  • Services revenue reach all-time high of $11.5 billion

And the company provided the following guidance for its fiscal Q3 2019:

  • revenue between $52.5 billion and $54.5 billion
  • gross margin between 37% and 38%
  • operating expenses between $8.7 billion and $8.8 billion
  • other income/expense of $250 million
  • tax rate of approximately 16.5%

At the time of publishing, Apple’s stock was up just over 5% in after-hours trading. The company’s conference call should be starting shortly, so make sure you check back for more numbers and tidbits from the quarter.