Apple’s Q2 Results were released on Tuesday after the market had closed. The company saw a growth in revenue of 16%, compared with the previous year’s second-quarter results, to $61.1 billion USD.
Revenue grew in all geographic locations where Apple (NASDAQ:AAPL) is available, but international sales made up 65% of the revenue for this quarter. This includes an increase of more than 20% in revenue from Greater China and Japan.
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Apple has also announced that it will be authorizing a new $100 billion share repurchase program, but will complete the current $210 billion share repurchase authorization in the third quarter before the new one can be implemented.
According to the company, Apple has returned up to $275 billion to shareholders since August 2012.
Along with the new authorization, the Board of Directors has also approved a 16% increase in the company’s quarterly dividend.
CEO of Apple, Tim Cook has said that the second quarter was the “best March quarter ever, with strong revenue growth in iPhone, Services, and Wearables.”
The company saw more customers purchasing the recently launched iPhone X than any other version of the iPhones, during the quarter.
According to Luca Maestri, the company’s CFO has said that Apple now has greater flexibility from global cash, which they can use to “efficiently invest in [the company’s] US operations and work toward a more optimal capital structure.”
Apple predicts that third-quarter revenue should reach between $51.5 billion and $53.5 billion, with a gross margin between 38% and 38.5%.
The company’s share value continued to rise after the report was released.
Apple closed on Tuesday at a value of $169.10 but was able to reach nearly $175.00 within a few hours of the quarterly results being posted.
Featured Image: Depositphotos/© DenysKuvaiev
