Tags Earnings

Apple announces Q3 2015 revenue of $49b: 47m iPhones, 10.9m iPads, 4.7m Macs

Tim Cook Apple Watch Apple Store

Right on schedule, Apple has shared its Q3 2015 earnings results reporting revenue of $49 billion and $10.7 billion in profit during the April to June period. Notably, the company’s Q3 period is the first that includes initial Apple Watch sales as the device first launched on April 24th.

Apple® today announced financial results for its fiscal 2015 third quarter ended June 27, 2015. The Company posted quarterly revenue of $49.6 billion and quarterly net profit of $10.7 billion, or $1.85 per diluted share. These results compare to revenue of $37.4 billion and net profit of $7.7 billion, or $1.28 per diluted share, in the year-ago quarter. Gross margin was 39.7 percent compared to 39.4 percent in the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.

While Apple isn’t specifically breaking out Apple Watch sales (or iPod sales for that matter), the company does disclose iPhone, iPad, and Mac sales by unit:

  • iPhone: 47 million units
  • iPad: 10.9 million units
  • Mac: 4.7 million units

While Apple isn’t breaking out Apple Watch or Beats numbers, the ‘other services’ which includes those categories as well as iPods and Apple TV reports $2.6 billion in revenue.

Apple CEO Tim Cook said this about the company’s Q3 results:

“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” said Tim Cook, Apple’s CEO. “The excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall.”

Luca Maestri, Apple’s chief financial officer, added this:

“In the third quarter our year-over-year growth rate accelerated from the first half of fiscal 2015, with revenue up 33 percent and earnings per share up 45 percent,” said Luca Maestri, Apple’s CFO. “We generated very strong operating cash flow of $15 billion, and we returned over $13 billion to shareholders through our capital return program.”

Today’s Q3 results follow last quarter’s $58 billion in revenue and 61.1 million iPhones sold, 12.6 million iPads sold, and 4.5 million Macs sold globally. During the same quarter a year ago with the iPhone 5s at the top of the lineup, Apple reported $37.4 billion in revenue and 35.2 million iPhones sold, 13.2 million iPads sold, and 4.4 million Mac sales. Apple reported $13.6 billion in profit last quarter and $7.7 billion during the same quarter a year ago.

The company’s quarterly conference call is scheduled for 2 PM Pacific/5 PM Eastern to discuss today’s results. Stay tuned for our live coverage of the call. Both Cook and Maestri usually review the quarterly results before fielding questions from analysts. With the first Apple Watch sales included in today’s report, the new device is sure to be a major topic of the call.

Apple’s complete Q3 earnings report is below:

Apple Reports Record Third Quarter Results

CUPERTINO, Calif.–(BUSINESS WIRE)–Apple® today announced financial results for its fiscal 2015 third quarter ended June 27, 2015. The Company posted quarterly revenue of $49.6 billion and quarterly net profit of $10.7 billion, or $1.85 per diluted share. These results compare to revenue of $37.4 billion and net profit of $7.7 billion, or $1.28 per diluted share, in the year-ago quarter. Gross margin was 39.7 percent compared to 39.4 percent in the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations”

The growth was fueled by record third quarter sales of iPhone® and Mac®, all-time record revenue from services and the successful launch of Apple Watch™.

“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” said Tim Cook, Apple’s CEO. “The excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall.”

“In the third quarter our year-over-year growth rate accelerated from the first half of fiscal 2015, with revenue up 33 percent and earnings per share up 45 percent,” said Luca Maestri, Apple’s CFO. “We generated very strong operating cash flow of $15 billion, and we returned over $13 billion to shareholders through our capital return program.”

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

• revenue between $49 billion and $51 billion

• gross margin between 38.5 percent and 39.5 percent

• operating expenses between $5.85 billion and $5.95 billion

• other income/(expense) of $400 million

• tax rate of 26.3 percent

Apple’s board of directors has declared a cash dividend of $.52 per share of the Company’s common stock. The dividend is payable on August 13, 2015, to shareholders of record as of the close of business on August 10, 2015.

Apple will provide live streaming of its Q3 2015 financial results conference call beginning at 2:00 p.m. PDT on July 21, 2015 at http://www.apple.com/quicktime/qtv/earningsq315. This webcast will also be available for replay for approximately two weeks thereafter.

This press release contains forward-looking statements including without limitation those about the Company’s estimated revenue, gross margin, operating expenses, other income/(expense), and tax rate. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company’s reaction to those factors, on consumer and business buying decisions with respect to the Company’s products; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company’s gross margin; the inventory risk associated with the Company’s need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company’s business currently obtained by the Company from sole or limited sources; the effect that the Company’s dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; risks associated with the Company’s international operations; the Company’s reliance on third-party intellectual property and digital content; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the Company’s dependency on the performance of distributors, carriers and other resellers of the Company’s products; the effect that product and service quality problems could have on the Company’s sales and operating profits; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; and unfavorable results of legal proceedings. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended September 27, 2014, its Form 10-Q for the fiscal quarter ended December 27, 2014, its Form 10-Q for the fiscal quarter ended March 28, 2015, and its Form 10-Q for the fiscal quarter ended June 27, 2015 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, the Mac and Apple Watch. Apple’s three software platforms — iOS, OS X and watchOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud. Apple’s 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple’s PR website (www.apple.com/pr), or call Apple’s Media Helpline at (408) 974-2042.

© 2015 Apple Inc. All rights reserved. Apple, the Apple logo, iPhone, Mac and Apple Watch are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
Nine Months Ended

June 27,
2015
June 28,
2014

June 27,
2015
June 28,
2014
Net sales $ 49,605 $ 37,432 $ 182,214 $ 140,672
Cost of sales (1) 29,924 22,697 109,136 86,144
Gross margin 19,681 14,735 73,078 54,528
Operating expenses:
Research and development (1) 2,034 1,603 5,847 4,355
Selling, general and administrative (1) 3,564 2,850 10,624 8,835
Total operating expenses 5,598 4,453 16,471 13,190
Operating income 14,083 10,282 56,607 41,338
Other income/(expense), net 390 202 846 673
Income before provision for income taxes 14,473 10,484 57,453 42,011
Provision for income taxes 3,796 2,736 15,183 10,968
Net income $ 10,677 $ 7,748 $ 42,270 $ 31,043

Earnings per share:
Basic $ 1.86 $ 1.29 $ 7.30 $ 5.06
Diluted $ 1.85 $ 1.28 $ 7.25 $ 5.03

Shares used in computing earnings per share:
Basic 5,729,886 6,012,635 5,788,922 6,136,147
Diluted 5,773,099 6,051,711 5,829,920 6,172,857

Cash dividends declared per share $ 0.52 $ 0.47 $ 1.46 $ 1.35

(1) Includes share-based compensation expense as follows:
Cost of sales $ 148 $ 115 $ 430 $ 334
Research and development $ 388 $ 313 $ 1,146 $ 902
Selling, general and administrative $ 320 $ 296 $ 1,095 $ 865

Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares which are reflected in thousands and par value)
June 27,
2015

September 27,
2014
ASSETS:

Current assets:
Cash and cash equivalents $ 15,319 $ 13,844
Short-term marketable securities 19,384 11,233
Accounts receivable, less allowances of $83 and $86, respectively 10,370 17,460
Inventories 2,042 2,111
Deferred tax assets 5,010 4,318
Vendor non-trade receivables 9,537 9,759
Other current assets 9,291 9,806
Total current assets 70,953 68,531

Long-term marketable securities 168,145 130,162
Property, plant and equipment, net 21,149 20,624
Goodwill 5,044 4,616
Acquired intangible assets, net 3,779 4,142
Other assets 4,081 3,764
Total assets $ 273,151 $ 231,839

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:
Accounts payable $ 26,474 $ 30,196
Accrued expenses 22,724 18,453
Deferred revenue 9,088 8,491
Commercial paper 4,499 6,308
Current portion of long-term debt 2,500 0
Total current liabilities 65,285 63,448

Deferred revenue, non-current 3,474 3,031
Long-term debt 47,419 28,987
Other non-current liabilities 31,296 24,826
Total liabilities 147,474 120,292

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,705,400 and 5,866,161 shares issued and outstanding, respectively 26,327 23,313
Retained earnings 98,252 87,152
Accumulated other comprehensive income 1,098 1,082
Total shareholders’ equity 125,677 111,547
Total liabilities and shareholders’ equity $ 273,151 $ 231,839

Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)
Nine Months Ended
June 27, 2015 June 28, 2014

Cash and cash equivalents, beginning of the period $ 13,844 $ 14,259

Operating activities:
Net income 42,270 31,043
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 8,138 5,977
Share-based compensation expense 2,671 2,101
Deferred income tax expense 2,820 3,154
Changes in operating assets and liabilities:
Accounts receivable, net 7,090 2,314
Inventories 69 170
Vendor non-trade receivables 222 1,486
Other current and non-current assets 2,286 931
Accounts payable (3,263) (2,531)
Deferred revenue 1,040 1,394
Other current and non-current liabilities 4,448 424
Cash generated by operating activities 67,791 46,463

Investing activities:
Purchases of marketable securities (137,524) (160,662)
Proceeds from maturities of marketable securities 9,916 15,111
Proceeds from sales of marketable securities 80,635 126,827
Payments made in connection with business acquisitions, net (230) (898)
Payments for acquisition of property, plant and equipment (7,629) (5,745)
Payments for acquisition of intangible assets (201) (216)
Other 134 7
Cash used in investing activities (54,899) (25,576)

Financing activities:
Proceeds from issuance of common stock 324 435
Excess tax benefits from equity awards 684 562
Taxes paid related to net share settlement of equity awards (1,332) (839)
Dividends and dividend equivalents paid (8,597) (8,297)
Repurchase of common stock (22,000) (28,000)
Proceeds from issuance of long-term debt, net 21,312 11,960
Change in commercial paper, net (1,808) 2,010
Cash used in financing activities (11,417) (22,169)

Increase/(decrease) in cash and cash equivalents 1,475 (1,282)
Cash and cash equivalents, end of the period $ 15,319 $ 12,977

Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 10,604 $ 8,013
Cash paid for interest $ 427 $ 322

Apple Inc.
Q3 2015 Unaudited Summary Data
(Units in thousands, Revenue in millions)

Q3 2015 Q2 2015 Q3 2014 Sequential Change Year/Year Change

Operating Segments Revenue Revenue Revenue Revenue Revenue
Americas $20,209 $21,316 $17,574 – 5% 15%
Europe 10,342 12,204 8,659 – 15% 19%
Greater China 13,230 16,823 6,230 – 21% 112%
Japan 2,872 3,457 2,627 – 17% 9%
Rest of Asia Pacific 2,952 4,210 2,342 – 30% 26%
Total Apple $49,605 $58,010
$37,432

– 14% 33%

Q3 2015 Q2 2015 Q3 2014 Sequential Change Year/Year Change

Product Summary Units Revenue Units Revenue Units Revenue Units Revenue Units Revenue
iPhone (1) 47,534 $31,368 61,170 $40,282 35,203 $19,751 – 22% – 22% 35% 59%
iPad (1) 10,931 4,538 12,623 5,428 13,276 5,889 – 13% – 16% – 18% – 23%
Mac (1) 4,796 6,030 4,563 5,615 4,413 5,540 5% 7% 9% 9%
Services (2) 5,028 4,996 4,485 1% 12%
Other Products (1)(3) 2,641 1,689 1,767 56% 49%
Total Apple $49,605 $58,010 $37,432 – 14% 33%
(1)
Includes deferrals and amortization of related non-software services and software upgrade rights.

(2)

Includes revenue from iTunes, AppleCare, Apple Pay, licensing and other services.

(3)

Includes sales of Apple TV, Apple Watch, Beats Electronics, iPod and Apple-branded and third-party accessories.


Filed under: AAPL Company Tagged: AAPL, Apple watch, earnings, iPad, iPhone, Mac, Revenue, sales

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Zac Hall

July 21st

Apple

Mac

GoPro Beats In Q2 On Strong Demand For The Hero4 Action Camera

gopro4 Today for its second-quarter financial results, GoPro reported $420 million in revenue and a net income of $35 million beating Wall Street estimates and swinging to a profit. Despite this the company traded down nearly 8 percent immediately following the release in after hours trading after closing up on the day at 62.04. Since then the company has pared its losses. Read More

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Matt Burns

July 21st

Gadgets

Fortune: AAPL earnings likely to beat analyst expectations for 9th straight quarter

aapl-q3-2015

With Apple due to report its fiscal Q3 (calendar Q2) earnings later todayFortune notes that the company has beaten Wall Street expectations for eight straight quarters – and strong iPhone sales mean that today’s earnings report is likely to make it nine.

iPhone sales typically drop in June as consumers hear more rumors about the next model and many decide to wait. But with Q3 sales estimated at close to 50M phones, representing a massive 40% year-on-year increase, that would put Apple’s revenue well in excess of the company’s own guidance of $47B and above the Wall Street consensus estimate of $49.5B … 

While Apple gave extremely conservative guidance under Steve Jobs’ leadership, the real numbers almost always far higher, Tim Cook switched to giving guidance he believed to be as accurate as possible. Asymco’s Horace Dediu observed yesterday, though, that the company has exceeded the top end of its own guidance for the past three quarters.

For the first time in many years, I feel that there is some potential uncertainty in the results Apple will announce [on Tuesday]. After a period of excellent accuracy, the company’s guidance has begun to diverge dramatically from reality and the trend might continue this quarter.

While estimates of Apple Watch sales have been extremely variable, iPhone sales are far more significant, accounting for around 70% of Apple’s total earnings. It was recently reported that Apple takes 92% of the total profits for the entire smartphone industry, and the company has been promoting the iPhone in a series of “If it’s not an iPhone, it’s not an iPhone” ads.

We’ll of course be bringing you the actual Q3 numbers as soon as they are released, together with a live blog of the earnings call. Apple last quarter reported record second-quarter sales of both iPhone and Mac, together with all-time record earnings from the App Store.

Photo: AP Photo/Jeff Chiu


Filed under: AAPL Company, iOS Devices Tagged: AAPL, Apple earnings, Apple earnings Q3 2015, Apple Inc, earnings, iPhone

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Ben Lovejoy

July 21st

Apple

Mac

Analyst estimates for Apple Watch sales all over the place, ranging from 3-6 million units

Watch_OS-time-travel

Since its launch, Apple Watch sales estimates have either shown it as doing incredibly well, or that it’s doomed to failure. Tim Cook hasn’t announced any figures yet, and may not even report them during tomorrow’s quarterly earnings call. But that won’t stop analysts guessing. If recent “estimates” are anything to go by, the financial wizards in charge of looking in to these numbers have no idea what’s going on. Estimates are all over the place…

Philip Elmer-DeWitt over at Fortune has compiled a list of 27 analyst estimates recently published, and shows just how little anyone seems to know about how well the Apple Watch is doing. Although the average is a seemingly safe 4.07 million units, the range from highest to lowest estimate is huge.

Sundeep Bajikar, a professional analyst from Jefferies, estimates Apple has sold 5.70 million Watch units. The lowest guess is just 2.85 million units, almost 3 million short of the highest estimate. And while that estimate was submitted by an amateur analyst, there are number of professionals (including Gene Munster, and KGI) who aren’t too far off that estimate. Piper Jaffray, Oppenheimer, Canaccord and Credit Suisse financial analysts have all submitted estimates of 3 million units. Still some way off the highest guess.

Screen Shot 2015-07-20 at 12.40.54

The long and short of this is that nobody seems to know anything. It would be normal to see variations like these estimates for iPad sales, which typically sell in to the double figures (of millions). But to see the highest guess at double the number of the lowest is virtually unheard of.

Apple will announce its quarterly earnings for Q3 2015 tomorrow. Whether or not Tim Cook announces Watch figures is yet to be seen. Last fall, Tim Cook is quoted as saying that he’s “not anxious in reporting a lot of numbers on Apple Watch, because competitor’s look for it.” If he sticks to that tune, we’ll be guessing for a little while yet.


Filed under: Apple Watch, iOS Tagged: analysts, Apple Inc, Apple watch, earnings, Fiscal year, Fortune (magazine), Philip Elmer-DeWitt, Q3 2015

For more information about iOS, Apple watch, and Apple Watch continue reading at 9to5Mac.

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Cam Bunton

July 20th

Apple

Mac

Apple schedules Q3 2015 earnings call livestream for July 21

Screen Shot 2015-06-29 at 7.15.25 PMApple has just announced that its fiscal third quarter earnings call will take place on Tuesday, July 21st at 2PM PT/5MP ET. The call will report earnings from the three month period ending this month.

Last quarter, Apple announced sales of 61.1 million iPhones, 12.6 million iPads, and 4.5 million Macs. The company reported revenue of $58 billion, including $13.6 billion in profit. Apple didn’t disclose sales for the Watch last quarter, and it seems unlikely that the company will do so this quarter either.

Apple will be hosting a conference call with investors and press and will also live stream audio from the call on its website, which of course we will have live coverage of. The live broadcast of the call will be available here on Apple’s website.


Filed under: AAPL Company Tagged: Apple, earnings, earnings call, Q3

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Chance Miller

June 29th

Apple

Mac

GoPro Drops 4% After Reporting Better Than Expected Q1 Profit And Revenue

gopro-earnings GoPro made money last quarter, beat on revenue and is still down after hours. The company reported $363.1 million in first quarter revenue, and net income of $16.75 million, is off 4 percent after regular trading pushed its shares up by the same percentage. Why is it trading down? It isn’t wildly clear, to be frank. The market expected that the company would generate less revenue… Read More

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Alex Wilhelm

April 28th

Gadgets

Live blog: Apple’s Q1 2015 earnings call

tim-cook-apple-watch

As promised, Apple will hold its quarterly conference call with investors and analysts at 2 p.m. PT/5 p.m. ET to discuss its fiscal year 2015 second quarter results. These numbers include sales of 61.1 million iPhones, 12.6 million iPads, and 4.5 million Macs. Apple also reported $58 billion in revenue during FY 2015 Q2. During the latter half of the call, analysts and investors will have the opportunity to ask Tim Cook and company questions regarding today’s results and Apple’s future. While today’s earnings do not include Apple Watch sales and Apple doesn’t plan to disclose sales numbers, expect Tim Cook to at mention the company’s latest device. Stay tuned for our live coverage below:

Earnings results are up!

– Waiting music is also live. You can listen at home here or refresh to follow our coverage below as the call progresses.

– 11 minute warning!


Filed under: AAPL Company Tagged: AAPL, Apple, Apple watch, earnings, earnings call, iPad, iPhone, luca maestri, Mac, Q2, results, Tim Cook

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Zac Hall

April 27th

Apple

Mac

Apple Mac Sales Up 10% YoY Despite Global Decline In PC Shipments

macbook-name Apple sold approximately 4.6 million Macs this quarter, according to the company’s Q2 2015 earnings report, released today. This represents year-over-year growth of 10 percent, with 4.1 million Macs sold in the same quarter last year. Last quarter, over the holidays, Apple sold 5.5 million Macs, meaning that Apple Mac sales declined by 17 percent quarterly. Read More

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Jordan Crook

April 27th

Apple

Gadgets

Apple’s 61M iPhone Sales Lead Q2 2015 Hardware Performance

iphone-6-6-plus-5s-side Apple’s iPhone 6 and 6 Plus continue their hit parade, building on a massive first quarter of 2015 with a very strong second quarter total of 61.2 million handsets sold. This isn’t an all-time quarterly record, but it’s normal to see a slight decrease quarter-over-quarter coming out of a launch sales period, and this is a huge increase year-over-year compared to the 43.7… Read More

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Darrell Etherington

April 27th

Apple

Gadgets

Apple Beats In Q2 2015 With $58B Revenue, $13.6B Profit And $2.33 EPS

apple-earnings-green Apple has just released its fiscal Q2 2015 earnings, reporting $58 billion in revenue, $13.6 billion in net profit representing $2.33 per share. Compared to the year-ago quarter, it corresponds to a growth of 27.2 percent in revenue, and an impressive 40.4 percent jump in EPS (adjusted for the 7-for-1 split). Expectations were pretty high following Apple’s blockbuster quarter three… Read More

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Romain Dillet

April 27th

Apple

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