Apple reports $42.4 billion revenue in Q3 FY 2016, sells 40.4 million iPhones

Apple announced its financial results for its fiscal 2016 third quarter ended June 25, 2016. The Company posted quarterly revenue of $42.4 billion and quarterly net income (net profit) of $7.8 billion. Revenues were down 14.5% year-on-year. During the three month period Apple sold 40.4 million iPhones, 9.95 million iPads, and 4.25 million Macs during the quarter.

iPhone sales were down 14.9 percent compared to same period a year ago, but Apple CEO Tim Cook said it had successful global launch of iPhone SE. The compact 4-inch iPhone had huge demand and outstripped supply throughout the quarter. Cook also said that iPhone SE was popular in both developed and emerging market, and the majority of the sales came from first time iPhone buyers.

Apple CFO Luca Maestri said that iPhone growth were in double-digit in many other key countries, including Japan, Turkey, Brazil, India, Canada, and Sweden. In India, iPhone sales were up 51 percent year-on-year in the first three quarters of this fiscal year. Cook during Apple's earnings call said that India is one of Apple's fastest growing markets.

For the next quarter Apple expects revenue between $45.5 billion and $47.5 billing, a decline of about 12 percent year-over-year.

Via