Apple records drop in revenue on last quarter

Company posted quarterly revenue of $45.6 billion (€33 bn) and net profit of $10.2 billion (€7.4 bn)

Wed, Apr 23, 2014, 22:42

Technology giant Apple has experienced a revenue boost on the same time last year but a decline since the last quarter.

The company posted quarterly revenue of $45.6 billion (€33 bn) and quarterly net profit of $10.2 billion (€7.4 bn) — both up on the same period last year.

These results compare with revenue of $43.6 billion (€31.6 bn) and net profit of $9.5 billion (€6.9 million) a year ago. The figures, however, are down on the last quarter — which took in new product launches.

Tim Cook, Apple chief executive, said: “We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services.

“We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market.”

Last quarter, new landmark products helped reverse a profits slump and post record revenue figures for Apple.

It was the first period fully taking into account sales of the iPhone 5s and iPhone 5c, as well as marking the launch of the iPad Air and iPad mini.

Apple’s revenues hit $57.6 billion (€41.7 bn) for the last three months of 2013, a new quarterly record for the company.

Profits of 13.1 billion dollars (€9.5 bn) were also made — equal with the record profits set 12 months previously.

Speaking after the company’s figures were released tonight, Peter Oppenheimer, Apple’s chief financial officer, said: “We generated 13.5 billion dollars (€10 bn) in cash flow from operations and returned almost $ 21 billion (€15 bn) in cash to shareholders through dividends and share repurchases during the March quarter.

“That brings cumulative payments under our capital return program to $66 billion (€47.8 bn).”

Apple’s (AAPL) share at the close of the US market this evening was $524.75 (€379.78) — down 1.31 per cent on the start of the day.

PA