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Apple (AAPL) Tops Q1 EPS by 3c, Revenues Beat; Guides Q2 Below Views

February 1, 2018 4:31 PM

(Updated - February 1, 2018 4:33 PM EST)

Apple (NASDAQ: AAPL) reported Q1 EPS of $3.89, $0.03 better than the analyst estimate of $3.86. Revenue for the quarter came in at $88.3 billion versus the consensus estimate of $87.28 billion.

The company sold 77.32 million iPhone units, versus 78.29 million last year and the consensus of 80 million.

The company sold 13.17 million iPads, versus 13.08 million last year. They sold 5.11 million Macs, versus 5.37 million last year.

“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO. “We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

“Thanks to great operational and business performance, we achieved all-time record profitability during the quarter, with EPS up 16 percent,” said Luca Maestri, Apple’s CFO. “Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return program.”

GUIDANCE:

Apple sees Q2 2018 revenue of $60-62 billion, versus the consensus of $65.9 billion.

Apple also said it sees gross margin between 38 percent and 38.5 percent, operating expenses between $7.6 billion and $7.7 billion, other income/(expense) of $300 million and tax rate of approximately 15 percent.

For earnings history and earnings-related data on Apple (AAPL) click here.

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