Apple Beats Expectations in Fiscal Q2 on iPhone and Services Strength

Overview

• Apple reported earnings per share of $2.01 and net income of about $29.6 billion on revenue near $111 billion for the quarter that ended in March, topping forecasts.
• iPhone revenue reached about $57 billion, reinforcing the device’s role as the company’s largest sales driver.
• Services brought in $30.98 billion, up 16% from a year earlier, which helped lift Apple’s gross margin to 49.3%.
• Sales in Greater China totaled about $20.5 billion, beating the $19.45 billion analyst estimate cited by Visible Alpha.
• The stock moved little in after-hours trading as Apple warned that memory chip costs will jump next quarter, with supply limits expected to weigh on Mac availability.