Apple has announced its financial results for fiscal first quarter, reporting a record revenue of US $74.6 billion with US $18 billion of net income. Driven by record-breaking iPhone and iPad sales, Apple has managed to beat Wall Street expectations and report what could be considered as the financial report for record books.


With Q1 FY'15 revenue of US $74.6 billion, US $18 billion of net income and gross margin of 39.9 percent, Apple has definitely beaten the expectations of Wall Street analysts forecast of around US $67 billion. The main culprit was raise in iPhone shipments which were up by 46 percent compared to the same quarter last year and while iPad shipments were down by 18 percent compared to the same quarter last year, they were up by quite a margin compared to the Q4 FY'14.




It is obvious that Apple made the right call with new iPhones as it managed to sell over 74 million units. While iPad sales were down, compared to the same quarter last year, Apple still managed to sell a healthy 21.4 million units. Mac sales were also up with 5.5 million units sold in Q1 FY'15.




"We'd like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high," said Tim Cook, Apple's CEO. "Our revenue grew 30 percent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal."

Apple expects a slight drop in revenue for Q2 FY'15 ending up between US $52 and $55 billion with gross margin sliding between 38.5 percent and 39.5 and operating expenses of around US $5.5 billion.



Source: Businesswire.com.