Apple sold over 60 million iPhones in Q1, 2015

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Apple on Monday announced it sold around 61.1 million iPhones in the first quarter of 2015 registering a significant 40 per cent year over year increase.

Cupertino reported that it earned $13.6 billion in profit during the first three months of the current year, up from $10.22 billion a year ago, and that it’s revenue increased 27 per cent from the same period a year ago to $58.01 billion. The company maintained a gross margin of 40.8 per cent.

Strong demand for Apple’s iPhone 6 and 6S smartphones in China proved to be a major profit contributor. Revenue earned from “greater China” rose 71 per cent to $16.8 billion in the quarter, allowing the region to overtake Europe as Apple’s second-largest market.

The iPad maker reported it sold four million Macs – its desktop and laptop computer line – and 12.6 million iPads, down 23 percent from a year ago, during the three months ending March.

Apple chief executive Tim Cook said “We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever.

“We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”

Apple CFO Luca Maestri added “The tremendous customer demand for our products and services in the March quarter drove revenue growth of 27 percent and EPS growth of 40 percent.”

“Cash flow from operations was also outstanding at $19.1 billion.”

It is to be noted that the firm’s first wearable device, the Apple Watch, which went on sale last week, is not included in the sales results.

Apple has raised its quarterly dividend 11 per cent to 52 cents per share and boosted its share repurchase program to $140 billion from $90 billion announced last year.

“We believe Apple has a bright future ahead, and the unprecedented size of our capital return program reflects that strong confidence,” said Cook.