Apple Inc. announced its FY17 Q1 results with consolidated sales of $78.3 bn and net income of $17.9 bn, resulting in a net profit margin of 23%. The operating income for the quarter was $23.3 bn with an operating margin of 30%.
The quarterly sales were up by 3% as compared to FY16 Q1 sales of $75.9 bn while the net income was marginally down by 2% from last year’s corresponding figure of $18.3 bn. As a result, the net profit margin was also slightly lower than last year’s 24%. The lower margins were primarily due to higher R&D costs incurred in this quarter.
