Apple posts $75.9 billion in revenue for its fiscal first quarter

Apple has announced what it's calling its strongest results ever for the first quarter of its financial 2016. The company posted $75.9 billion in revenue and $18.4 billion in net income. Those numbers are up about 1.7% and 2.2% from the year-ago quarter. Gross margin grew to 40.1% from 39.9% a year ago.

While that growth isn't as meteoric as past quarters, Apple says it performed well despite a difficult macroeconomic climate. The company points out that turbulence in exchange rates negatively affected its results for the quarter. CEO Tim Cook says the company would have posted 8% year-over-year revenue growth if its numbers are considered on a constant-currency basis (removing the effects of exchange rates on revenue).

The company also celebrated reaching 1 billion active devices across all of its product lines and services over the past 90 days. Despite that glowing number, some Apple product lines are doing better than others. iPhone sales grew less than a percent compared to a year ago, while Mac sales declined about three percent using the same frame of reference. The real loser was the iPad. Despite the introduction of the iPad Pro, the category shrank a whopping 21%, continuing a series of year-over-year declines.

Apple says to expect revenue of $50 billion to $53 billion and gross margin of 39% to 39.5% in the second quarter of its fiscal 2016.

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