Unit sales of the iPhone fell by 1 percent and the iPad by 13 percent but Apple nonetheless posted an overall revenue increase of 5 percent to $52.9 billion in the March quarter, thanks to a continued increase in its revenue from digital content and other services.
Apple’s cash balance climbed to a record $256.8 billion, including cash and securities. The company announced a plan to expand its capital return program for shareholders by an extra $50 billion.
The company’s quarterly revenue of $52.9 billion essentially matched the expectations of analysts polled in advance, but Apple’s net income of $11 billion translated into earnings of $2.10/share, topping Wall Street’s expectations of $2.02/share for the quarter.
Services revenue, which includes iCloud, AppleCare, Apple Pay, licensing and digital content and services, climbed to more than $7 billion, from less than $6 billion a year ago.
The company’s earnings conference call starts at 2 p.m. Pacific.