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Apple crosses one billion iPhone sales

Apple crosses one billion iPhone sales
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Apple, makers of the iPhone says it has passed the one billion iPhones sales milestone for the popular smartphone.

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]Apple says it recorded a quarterly revenue of $42.4 billion and a quarterly net income of $7.8 billion, or $1.42 per diluted share.[/quote]Tim Cook, Apple CEO, at an employee meeting, says the company recently sold its one billionth iPhone, a watershed moment for the popular smartphone.

“iPhone has become one of the most important, world-changing and successful products in history. It’s become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day,

“Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we’ve always set out to make the best products that make a difference. Thank you to everyone at Apple for helping change the world every day”, the Apple CEO says.

iPhone 5s ₦ 127,500
The Apple iPhone 5s

In a similar announcement, Apple also reported its fiscal 2016, third quarter financial results, which ended June 25, 2016, revealing that its App Store services revenue hit an all time record with 19% increase.

Apple says it recorded a quarterly revenue of $42.4 billion and a quarterly net income of $7.8 billion, or $1.42 per diluted share.

According to Apple, these results compare to revenue of $49.6 billion and net income of $10.7 billion, or $1.85 per diluted share in the previous year quarter. Gross margin was 38 percent compared to 39.7 percent in the previous year quarter and international sales accounted for 63 percent of the quarter’s revenue.

“We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter. We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to software and services we previewed at WWDC (Worldwide Developers Conference) in June”, Luca Maestri, Apple’s CFO, adds. “Our Services business grew 19 percent year-over-year and App Store revenue was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record.

“We returned over $13 billion to investors through share repurchases and dividends, and we have now completed almost $177 billion of our $250 billion capital return program”, Maestri adds.

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Elizabeth Edozie Technology Journalist @Technology Times 08077671659 elizabeth.edozie@technologytimes.ng

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