Apple released their FY 2016 first quarter results today. Here are the summary data and some updated charts derived from those data. Here are 10 take-aways:
- It was the biggest quarter ever for iPhone unit volume (74.779M). The trailing twelve months (TTM) for iPhone unit volume is slightly above 4Q2015 and also the highest it has ever been. TTM is often used to gauge the rate of momentum and determine if it is slowing or accelerating.
- While iPad unit volume is up quarter-over-quarter, the TTM declined further in 1Q2016.
- Total unit volume for iPhones + iPads + Macs turned negative on a year-over-year basis for the first time ever.
- Total revenue volume for iPhones + iPads + Macs turned negative on a year-over-year basis for the first time ever, but total revenue which includes services and other products remained positive on a year-over-year basis.
- iPhone’s share of quarterly revenue increased from 63% to 68% – roughly inline with 1Q2015. The all-time high was 70.7% in 2Q2015. iPad’s share of quarterly revenue increased slightly on a quarter-over-quarter basis, but is down about three percentage points from 1Q2015.
- For the first time since 3Q14, the average selling price of iPads increased on a year-over-year basis.
- Globally, Greater China experienced the greatest increase in revenue on a year-over-year basis (13.8%). Greater China remains roughly 24% of total revenue.
- as Apple illustrates in their supplemental material, currency had an impact on these results. Adjusting to constant currency, overall revenue would have been up 8% instead of the reported 2%. Revenue growth in Greater China would have been up 17% instead of the reported 14%. Revenue for Europe and the Rest of Asia Pacific would have been up 18% and 19% respectively instead of the reported 4% for each market.
- Apple reported an active installed base of 1 billion devices that have been engaged with Apple’s service within the past 90 days.
- Apple provided 2Q16 revenue guidance of $50B to $53B – the first decline since the birth of the iPhone in 2007.
