New Apple CEO Tim Cook Introduces New iPhone

With drops in revenue and iOS device sales in what CEO Tim Cook called a “challenging quarter,” highlights from Apple’s Q2 2016 earnings today include an increase in Apple Music subscribers, more cash for Apple’s capital return and share repurchasing programs, and a “huge number of Android switchers and new to Mac customers.” Cook said the company had record switchers from Android and others platforms in the quarter and also noted an increase of 56% for iPhone sales in India despite an overall decline for iOS device sales.

Cook said the company hit record App Store revenue up 35% and updated us on Apple Pay noting the payments service has grown around 5X compared to a year ago and is adding approximately 1 million new users a week.

After reporting its Q2 2016 earnings earlier today, the company is now hosting its conference call where we’ll likely get some more insight and comments on the numbers from Apple execs. Head below for a roundup of all the numbers Apple announced today, and check back for more as we listen in on Apple’s call.

  • 51.1 million iPhones (that’s -36% sequential change for revenue and -18% year/year change)
  • 10.25 million iPads (that means revenue was down 38% sequentially and 19% year/year)
  • 4 million Macs (a -24% change sequentially for revenue and a -9% change over last year)
  • -Apple’s revenue was $50.6 billion (down 13% year over year and 33% from last quarter)
  • 13 million Apple Music subscribers (up from 11 million in February)
  • Highest Android switcher numbers of any 6th period
  • -Revenue in Greater China down 26% year over year, and -25% in rest of Asia Pacific, versus -10% and -5% drops in Americas and EU.
  • $50 billion increase to capital return program to total of $250 billion by end of March 2018
  • – Share repurchase authorization increased to $175 billion from $140 billion
  • -App Store revenue up 35%
  • -Unit sales of watch during first year exceeded iPhone first year
  • -Apple Pay is growth at more than 5X a year ago, adding 1 million new users a week
  • -record 9.9 billion in the quarter from services from iOS users
  • 15 acquisitions in last 4 quarters
  • -iPhone installed base up 80% since two years ago

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