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Apple sees Q2 revenues up 54%

It revealed that its board of directors has also authorised an increase of $90bn (£64.6bn) to the existing share repurchase programme

Apple has revealed that its revenues for the second quarter of the year ending March 27, increased 54% to $89.6bn (£64.3bn).

It comes as the retailer reported that international sales accounted for 67% of the quarter’s revenue. Apple reported double-digit growth in all of its product categories, with iPhone sales up 65.5%, Mac sales up 70.1% and iPad sales increasing by 79%.

The tech giant said that the quarter’s performance allowed it to generate operating cash flow of $24bn (£17.2bn) and also return nearly $23bn (£16.5bn) to shareholders during the quarter.

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Apple’s board of directors also declared a cash dividend of $0.22 per share of the company’s common stock, an increase of 7%. It revealed that its board of directors has also authorised an increase of $90bn (£64.6bn) to the existing share repurchase programme.

Tim Cook, Apple’s CEO, said: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.

“Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world.”

He added: “That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”

Luca Maestri, Apple’s CFO, said: “We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high.”

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