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iPhone demand soars as Apple reveals record-breaking profits

iPhone demand soars as Apple reveals record-breaking profits

“We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high."

Apple has posted a record quarterly revenue of US$74.6 billion and record quarterly net profit of $18 billion, or $3.06 per diluted share for its fiscal 2015 first quarter ended December 27, 2014.

Compared to revenue of $57.6 billion and net profit of $13.1 billion, or $2.07 per diluted share, in the year-ago quarter, Cupertino says gross margin was 39.9 percent compared to 37.9 percent in the year-ago quarter while international sales accounted for 65 percent of the quarter’s revenue.

The results were fueled by all-time record revenue from iPhone and Mac sales as well as record performance of the App Store, with iPhone unit sales of 74.5 million setting a new record.

“We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high,” says Tim Cook, CEO, Apple.

“Our revenue grew 30 percent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal.”

According to Apple CFO Luca Maestri, the company's "exceptional results" produced EPS growth of 48 percent over last year, and $33.7 billion in operating cash flow during the quarter, labelled as "an all-time record."

“We spent over $8 billion on our capital return program, bringing total returns to investors to almost $103 billion, over $57 billion of which occurred in just the last 12 months," Maestri says.

Apple is providing the following guidance for its fiscal 2015 second quarter:

* revenue between $52 billion and $55 billion

* gross margin between 38.5 percent and 39.5 percent

* operating expenses between $5.4 billion and $5.5 billion

* other income/(expense) of $350 million

* tax rate of 26.3 percent

Apple’s board of directors has also declared a cash dividend of $.47 per share of the Company’s common stock - the dividend is payable on February 12, 2015, to shareholders of record as of the close of business on February 9, 2015.

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