Apple Reported Second-Quarter Earnings of 2017 | Financial Buzz

Apple Reported Second-Quarter Earnings of 2017

On Tuesday, Apple Inc. (NASDAQ: AAPL) reported its financial results for the second quarter ended April 1, 2017. Shares of the company fell after the announcement.

According to the company, revenue increased 4.6% to $52.9 billion in the second quarter, which was lower than analysts’ estimates of $53.02 billion. However, the results surpassed company’s own forecast of between $43.5 billion and $45.5 billion. Net income for the second quarter was up from $10.52 billion, or $1.90 per share, a year earlier to 11.03 billion, or $2.10 per share, which was slightly lower than expectations of $2.02 per share.

In addition, the company said that they sold 50.76 million iPhones in the second quarter, which decreased from 51.19 million the same period last year. The results beat analysts’ estimates of selling 42.31 million iPhones. The decline indicates that customers might held back purchases and hope to buy its 10th anniversary edition.

“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” Tim Cook, Apple’s CEO, said in the statement.

“We’ve seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose,” he said.