Apple Q1 Profit Declines Slightly

(RTTNews) - Apple Inc. (AAPL) reported net income for the first quarter of $13.07 billion or $14.50 per share, compared to $13.08 billion or $13.81 per share for the year-ago quarter.

Net sales for the first quarter rose to $57.59 billion from $54.51 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $14.09 per share on revenue of $57.46 billion for the first quarter.

The company sold 51 million iPhones in the first quarter, an all-time quarterly record, compared to 47.8 million in the prior year quarter.

Looking forward, Apple iforecasts second quarter:revenue of $42 billion to $44 billion. Gross margin for the first quarter is expected to be between 37% and 38%. Analysts currently expect the company to post revenue of $46.05 billion for the second quarter.