Apple posts quarterly revenue of $52.9 billion, misses expected numbers by a small margin

Apple has announced the financial results for its second quarter, ending 1 April 2017. According to the company, it posted a quarterly revenue of $52.9 billion. While the latest numbers are comparatively higher than last year’s revenue of $50.6 billion, they are slightly lower than what Wall Street expected in its earnings report, leading to a slight drop after its stock.

Wall Street had predicted earnings of $2.02 per share on revenue of around $53 billion. Another bump that Apple faced this quarter was the sale of iPhones. Analysts had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet, but Apple managed to sell “only” 50.8 million units.

The report clearly indicates that the iPhone is finally slowing down when it comes to growth. However, Apple’s other products, including their services like Apple Music and cloud services, are showing healthy signs of steady growth.

“We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus,” said Tim Cook, Apple’s CEO. “We’ve seen great customer response to both models of the new iPhone 7 Product Red Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter. Looking ahead, we are excited to welcome attendees from around the world to our annual Worldwide Developers Conference next month in San Jose.”

As for the upcoming quarter, Apple is expecting revenue between $43.5 billion and $45.5 billion with a gross margin between 37.5 percent and 38.5 percent. The coming two quarters could turn out to be huge for the company as it will launch the regular iPhone updates and a speculated third iPhone to mark the handset’s tenth anniversary.

The consolidated financial statements can be accessed from here .