Apple’s Q2 2015 earnings have just been released, and the results are an improvement over what most analysts expected, barring one notable underperformance.
The company earned $2.33 per share (EPS, all numbers USD) on $58 billion revenue, a $12.4 billion increase over the same period a year ago. The strong performance extended to net profit, which improved $3.4 billion over Q2 2014 to $13.6 billion.
As usual, the numbers dropped slightly from Q1, which is typically Apple’s most impressive quarter, coming off the release of its new products and the lucrative back to school season. The numbers beat Apple’s own guidance of $52-$55 billion, which led the stock to an all-time high in after-hours trading.
The company sold 61.2 million iPhones, an increase of 40% over last year, and a good three million above expectations. iPhone average sales price stayed relatively stable at $658.53 on strong sales of the more-expensive 64GB iPhone 6 and larger iPhone 6 Plus units. The iPhone, which has continually outperformed market expectations, was held up by Rogers in its last two earnings reports as the reason for its own equipment sales outperforming expectations.
iPads were the low spot in an otherwise shiny quarter, selling 12.62 million units, underperforming next to expectations of 13.6 million.
Gross margins for the quarter were ahead of expectations at 40.8%. And while Apple Watch will likely eat into that number slightly in Q3, Apple won’t likely announce actual Watch unit sales or revenue, as the wearable is tallied as part of the company’s “Other” category, which includes ancillary revenue from iTunes and other smaller operations.
As for Q3, the company expects revenue of $46 to $48 billion, with slightly lower gross margins of 38.5% to 39.5%.
Update: During Apple’s earnings call, Chief Financial Officer Luca Maestri mentioned that iPhone sales are up more than 80% in Canada, year over year.