Apple Reports Fourth Quarter Results: $46.9 Billion in Revenue, $9 Billion in Net Income

Apple today announced financial results for its fiscal 2016 fourth quarter ended September 24, 2016.

The Company posted quarterly revenue of $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share. These results compare to revenue of $51.5 billion and net income of $11.1 billion, or $1.96 per diluted share, in the year-ago quarter. Gross margin was 38 percent compared to 39.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Tim Cook, Apple’s CEO. “We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record.”


“We are pleased to have generated $16.1 billion in operating cash flow, a new record for the September quarter,” said Luca Maestri, Apple’s CFO. “We also returned $9.3 billion to investors through dividends and share repurchases during the quarter and have now completed over $186 billion of our capital return program.”

Apple's Guidance for Fiscal 2017 First Quarter:
● revenue between $76 billion and $78 billion
● gross margin between 38 percent and 38.5 percent
● operating expenses between $6.9 billion and $7 billion
● other income/(expense) of $400 million
● tax rate of 26 percent

Apple’s board of directors has declared a cash dividend of $0.57 per share of the Company’s common stock. The dividend is payable on November 10, 2016 to shareholders of record as of the close of business on November 7, 2016.

iPhone sales were down 5% year over year to 45.513 million units. iPhone revenue was down 13% year over year to $28.160 billion. iPad sales were down 6% year over year but revenue stayed flat and Mac sales were down 14% as customers awaited long overdue hardware updates.