Apple today announced its Q3 2014 earnings results, revealing that the company pulled in $37.4 billion in revenue and $7.7 billion in profit during the quarter.
Apple® today announced financial results for its fiscal 2014 third quarter ended June 28, 2014. The Company posted quarterly revenue of $37.4 billion and quarterly net profit of $7.7 billion, or $1.28 per diluted share. These results compare to revenue of $35.3 billion and net profit of $6.9 billion, or $1.07 per diluted share, in the year-ago quarter. Gross margin was 39.4 percent compared to 36.9 percent in the year-ago quarter. International sales accounted for 59 percent of the quarter’s revenue.
Apple, as always, has also disclosed sales numbers for its main revenue generators. The company sold:
- 35.2 million iPhones
- 13.2 million iPads
- 4.4 million Macs
- 2.9 million iPods
Apple’s guidance for the quarter indicated revenue results between $36 and $38 billion, which Apple met.
Here’s Apple CEO Tim Cook on the results:
“Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters,” said Tim Cook, Apple’s CEO. “We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can’t wait to introduce.”
Here’s newly instated CFO Luca Maestri with his thoughts:
“We generated $10.3 billion in cash flow from operations and returned over $8 billion in cash to shareholders through dividends and share repurchases during the June quarter,” said Luca Maestri, Apple’s CFO. “We have now taken action on over $74 billion of our $130 billion capital return program with six quarters remaining to its completion.”
Apple’s Q3 has been relatively quiet in terms of new product announcements, but the Cupertino-company did announce major moves such as the impending acquisition of Beats Electronics and Beats Music along with an expansive future partnership with IBM for enterprise-related initiatives.
These numbers compare to last quarter’s results of $45.6 billion in revenue and sales of 43.7 million iPhones, 16.3 million iPads, and 4.1 million Macs. You can also compare today’s numbers to analyst expectations from before the announcement. Apple is also holding a conference call today at 2 PM Pacific/5 PM Eastern time, which we will be covering live. Cook and Maestri will likely share prepared remarks and then take a series of questions at the end from financial analysts.
For Q4 2014, Apple is providing guidance between $37 billion and $40 billion. The full Q3 earnings results release is below:
In an SEC filing today, Apple announced that Luca Maestri has officially transitioned into the Chief Financial Officer and Senior Vice President role. His first official day on the job was yesterday, May 29th. Maestri is not yet on Apple’s executive biographies page, but an official profile will likely go live in the coming days. Apple says that Maestri’s previous job as Principle Accounting Officer will be folded into his CFO role.
Maestri, previously Corporate Controller and a Vice President at Apple, replaces long-time CFO Peter Oppenehimer. The transition was announced by Apple earlier this year. Oppenheimer will shift his remaining responsibilities to Maestri over the course of the next few months and completely retire from Apple at the end of September of this year. As part of his promotion, Maestri will now receive an annual salary of $1 million and new stock-based payment packages: