Apple Sets More Records

Does anyone dare bet against Apple anymore? After a record-setting quarter in Q1 2015, led primarily by the release of the iPhone 6 and iPhone 6 Plus, Apple was back at it on Monday, setting second quarter records as well. Here are the stats you need to know:

Apple raked in $58 billion in revenue, a 27% increase from this time last year, beating the consensus estimate handily by $1.95 billion.

Net income came in at $13.6 billion, or $2.33 per share, beating analyst estimates by $0.17. That’s a nearly 33% jump year-over-year.

Apple sold 61.2 million iPhones, a 40% increase from Q2 2014. “We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles,” CEO Tim Cook said in a statement.

The App Store had its best quarter in history, which helped drive the results—this is likely due to the influx of users switching to the iPhone 6.

Apple expanded its capital return program to $200 billion, including an 11% increase on its dividend (now at a 1.57% yield) and a buyback authorization increase by $50 billion to $140 billion.

The tech giant expects Q3 2015 revenues to be $46 billion to $48 billion, a marked decrease due to likely fewer iPhone sales.

Companies as big as Apple aren’t supposed to see the same type of growth numbers Apple has been seeing over the past two quarters. It’s been absolutely mind-boggling to see this company grow. It’s a sign that Apple has found ways to improve its competitive position in the industry and remain at the forefront of innovation despite its size.

Key future indicators

One of the biggest developments to watch for in the near future is Apple’s burgeoning market in China. Apple has 21 stores in China as of Monday’s press conference, and plans to have 40 up and running by the mid-2016. Mainland China revenue was up 71% year-over-year. The iOS App store had over 100% growth in China from this time last year. Even the Mac is doing its part in China, with 31% growth.