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  HOME | Business & Economy (Click here for more)

IPhone Sales & China Operations Boost Apple’s Quarterly Profits 33 Percent

SAN FRANCISCO – U.S. technology giant Apple’s quarterly profits rose 33 percent on huge sales of iPhones and growth of operations in China.

The California-based company declared Monday profits of $13.57 billion in the second quarter ending March 28, up from $10.22 billion in the same quarter last year.

Higher than expected earnings-per-share of $2.33 were in part due to Apple’s share buyback program.

Revenues rose to $58.01 billion from $45.65 billion a year earlier.

Analysts had estimated earnings of $2.16 a share on revenue of $56.1 billion.

The company also said its gross margin, a closely watched measure of profitability, as a percentage of revenue above manufacturing costs was 40.8 percent, above its estimated range of 38.5 percent to 39.5 percent.

Apple pledged to return $200 billion to shareholders by March 2017 through dividends and a buyback program.

The company’s cash reserves increased to $193.5 billion from $178 billion in December.

Quarterly iPhone sales jumped 40 percent to 61.17 million units.

Revenues increased 71 percent in China, Apple’s second largest market after the United States.

The company released new iPhones sporting larger screens in September.

 

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