Apple Sells 75 Million iPhones in Three Months, Reports Record Quarterly Profit of $18.4 Billion

Apple today announced financial results for its fiscal 2016 first quarter.

The company posted record quarterly revenue of $75.9 billion (USD) and record quarterly net income of $18.4 billion.

These results compare to revenue of $74.6 billion and net income of $18 billion in the year-ago quarter.

During the quarter Apple sold 74.8 million iPhones, or nearly 35,000 per hour.

“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,” said Tim Cook, Apple’s CEO. “The growth of our services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices.”

Apple expects to earn around $51 billion next quarter.

“Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,” said Luca Maestri, Apple’s CFO. “We generated operating cash flow of $27.5 billion during the quarter, and returned over $9 billion to investors through share repurchases and dividends. We have now completed $153 billion of our $200 billion capital return program.”