Apple reported a 16% rise in first‑quarter revenue to $143.8bn ($138.5bn expected). Growth was led by iPhone sales, which rose 23% to $85.3bn, helped by strength in Greater China. Services revenue rose 14% to $30.0bn.
Operating profit rose 19% to $50.9bn, supported by a higher product gross margin of 40.7%.
Free cash flow of $51.6bn supported the repurchase of $24.7bn of stock, and a new dividend of $0.26p was announced. Net cash, including longer-term securities, stood at $54.3bn.
For the coming quarter, Apple expects revenue growth of 13–16% (10% expected), with a gross margin at 48–49%.
The shares were broadly flat in pre-market trading.
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Apple key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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