Apple has announced that it posted quarterly revenues of US$50.6 billion and quarterly net income of US$10.5 billion, or US$1.90 per diluted share for the fiscal 2016 second quarter ended March 26. Quarterly iPhone shipments reached 51.1 million units, down 16.5% on year.

Shipments of iPhone devices generated revenues of US$32.9 billion in the quarter, representing a decline of 18% on year and accounting for 65% of Apple's total quarterly sales.

Fiscal second quarter gross margin was 39.4% compared to 40.8% a year earlier. Apple also sold 10.2 million iPads (down 19% on year) and four million Macs (down 9% on year) in the quarter, but no numbers were reported for the Apple Watch or Apple TV.

The company expects its revenues to reach US$41-43 billion in the fiscal third quarter with gross margin to stand at 37.5-38% and operating expenses at US$6-6.1 billion.