Apple's second quarter revenue of $52.9bn and earnings per share of $2.10 compares to revenue of $50.6bn and earnings per share of $1.90 in Q2 2016. Gross margin was 38.9%.
All geographies apart from Greater China (down 14%) delivered sales growth year-on-year. In the Americas, which accounts for 40% of group sales, growth was 11%.
iPhone sales were ahead slightly, at $33.2bn, with Services again growing strongly, up 18% to $7bn. Mac sales also enjoyed a good quarter, increasing 14% to $5.8bn.
Tim Cook, Apple's CEO said "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."
Looking ahead, to Q3, Apple expects revenue of between $43.5bn and $45.5bn, with a gross margin between 37.5% and 38.5%.
Unless otherwise stated, all estimated figures, including prospective dividend yields, are taken from a consensus of analyst forecasts compiled by Thomson Reuters. These estimates should not be taken as a reliable indicator of future performance.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.