×

Apple Tops Wall Street Expectations for Quarter, Ships 61 Million iPhones

Apple reported $58 billion in revenue, up 27% year over year, and earnings that climbed 33%, easily beating analyst expectations for the first three months of 2015 as the tech colossus posted its best-ever financial results for the March quarter.

In the period, Apple — the biggest company in the world by market cap — sold 61.2 million iPhones, marking a record for its Q2 fiscal quarter. Apple also saw record Mac sales, with 4.6 million units shipped.

Apple reported quarterly net profit of $13.6 billion, or $2.33 per diluted share. Wall Street analysts had expected the company to post earnings per share of $2.15 on revenue of $55.9 billion for the period ended March 28.

According to the company, Apple’s growth was driven by iPhone and Mac sales, as well as an all-time record performance for the iTunes App Store. The company’s latest device — the Apple Watch — began shipping to customers last Friday after becoming available for pre-order earlier in the month, starting at $349 for the Watch Sport model.

“We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch,” Apple chief Tim Cook said in announcing the results.

The company didn’t break out sales in the quarter for Apple Watch. Cook acknowledged Apple’s inability to meet demand for the smartwatches, but said on the earnings call, “We’ve made progress over the last week or so, and we were able to deliver more customers an Apple Watch over the weekend than we had initially anticipated.” He also noted that more than 3,500 apps are already available for Apple Watch, compared with about 1,000 for iPad when the tablet launched in 2010 and 500 for the initial iPhone in 2007.

Cook also called out Apple’s recent pact with HBO to launch the standalone HBO Now streaming service earlier this month. “HBO now has been incredibly popular with Apple TV users since its debut, and it has been one of the top-downloaded apps on the U.S. App Store as well,” he said.

Separately, Apple said its board authorized a return of $200 billion of cash by the end of March 2017 to shareholders, as part of the company’s share-repurchase initiative. According to the company, from the inception of Apple’s capital-return program in August 2012 through March 2015, it will have returned more than $112 billion to shareholders, including $80 billion in share repurchases.

Popular on Variety

More Digital

  • netflix latest section

    Netflix Adds Upcoming Titles Section to Its TV App (EXCLUSIVE)

    Netflix is making it easier to keep track of all of its new releases: The company is adding a new “Latest” section to its TV app that includes both listings of newly released titles, as well as movies and TV show seasons that will be released this week and the week after. Upcoming titles are [...]

  • iQIYI headquarters building in Beijing

    Chinese Streamer iQIYI Squeezed by Changing Content Context

    Chinese video streaming giant iQIYI saw its losses deepen, in the April to June second quarter of its financial year. The company grew subscriptions, but was hit by rising content costs and lower advertising revenue Its parent company, Chinese search leader, Baidu saw its year on year profits drop, though it recovered from loss in [...]

  • westworld awakening art

    HBO Launches 'Westworld Awakening' VR Game With Survios

    Ever wanted to enter the world of “Westworld?” Now you can — except it won’t exactly be like you might have imagined it. Instead of being one of those guests living out their fantasies, you will be a host, slowly coming to grips with your life being an elaborate illusion. “Westworld Awakening” has been produced [...]

  • Spotify Announces Upgrades to Family Plan,

    Spotify Announces Upgrades to Family Plan, at No Charge in U.S. and U.K.

    Just days after reports emerged that Spotify is aiming to increase the price of its family plan in its home market of Scandinavia, the streaming giant announced an upgrade to the plan — with no price increase in the U.S. and U.K., where it remains at $14.99 and £15, respectively. A rep for the company [...]

  • Mike Vaughan

    Former Venmo COO Mike Vaughan Joins Stem's Board

    Los Angeles-based music distribution and payments startup Stem has appointed former Venmo executive Mike Vaughan to its board of directors. Vaughan was chief operating officer of Venmo from 2011 until earlier this year, and is now executive in residence at Oak HC/FT. “The music industry can benefit tremendously from innovation in the way money flows [...]

  • Streamy Awards

    Streamy Awards 2019 Return to YouTube for Exclusive Live-Stream

    The 9th Annual Streamy Awards will again be available to stream live on YouTube exclusively. The 2019 awards ceremony will take place at the Beverly Hilton in Beverly Hills on Friday, Dec. 13 and will stream live globally on YouTube via youtube.com/streamys. Videos from the 2018 Streamy Awards received over 6.9 million views on YouTube. [...]

  • Stefan Heinrich Henriquez - Cameo

    Celeb Video-Shoutout Startup Cameo Hires Ex-TikTok Exec Stefan Heinrich Henriquez

    Cameo, a startup that lets consumers purchase video shoutouts from celebrities, tapped Stefan Heinrich Henriquez as chief marketing officer and general manager of international. Heinrich, most recently head of marketing for short-form video app TikTok, will lead the company’s global growth and branding and play a key role in Cameo’s continued global expansion. He’s based [...]

More From Our Brands

Access exclusive content