Apple Inc. is pulling off a feat rarely seen in any industry, much less the cutthroat world of consumer electronics: gaining market share while also commanding higher prices, according to The Wall Street Journal today. Led by the larger-display iPhones it introduced last fall, Apple on Monday said it sold 61.2m iPhones in the three months ended March 28, up 40% from the year-earlier period. Many of those sales came in emerging markets, including a 72% gain in the number of phones sold in China.
The average selling price of an iPhone during the latest quarter was $659, up more than $60 compared with a year earlier.
Apple posted quarterly revenue of $58bn and quarterly net profit of $13.6bn, or $2.33 per diluted share. These results compare to revenue of $45.6bn and net profit of $10.2bn, or $1.66 per diluted share, in the year-ago quarter. Gross margin was 40.8% compared to 39.3% in the year-ago quarter. International sales accounted for 69% of the quarter’s revenue.
Apple pledged to return another $70bn to shareholders and in Greater China revenues grew 71% to $16.8bn during the quarter compared to the same quarter last year, overtaking Europe to become the company’s second-largest market for the first time. China’s iPhone sales surged 72% compared with the same period a year ago, outstripping US sales of the handset — another first for Apple.
Apple was valued at $760.4bn at the official close of share trading Monday at 4:00 pm in New York.
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