Apple Jumps On June-Quarter Sales, Earnings Beat, Strong Guidance

Apple Jumps On June-Quarter Sales, Earnings Beat, Strong Guidance

Apple CFO Luca Maestri said Apple has made it easier for people in some countries outside of the United States to pay for apps, which helped drive some of the growth.

Number of paid subscribers to Apple Music and iCloud hit 185M, up 20M in the quarter.

The company's net income rose to $8.72 billion, or $1.67 per share, in the three months ended July 1, from $7.80 billion, or $1.42 per share, a year earlier. The quarter was overall favorable for Apple, with it announcing a 7-percent revenue growth and a quarterly revenue of $45.4 billion.

Apple's net earnings grew to United States dollars 1.67 per share from USD 1.42 a year earlier, and the company maintained its quarterly dividend at 63 cents a share.

Analyst consensus forecast for Apple's fiscal year 2017 Q4, which ends September 30, was $49 billion in revenue.

Analysts are encouraged by the performance, aside from increased competition in China, especially ahead of the launch of the next iPhone, which is expected to be the most significant overhaul of the smartphone in recent years.

Apple said revenue in the third quarter came in 7% up at $45.4bn - driven largely by the iPhone sales increase of 1.6%.

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Cook added the company is excited about advances in iOS, macOS, watchOS and tvOS coming this fall.

Apple's iPhone sales accounted for 54.7% of total revenue in the third quarter, making it by far the company's largest business. Services sales rose 22% year over year and 3% sequentially to $7.27 billion.

Based on the data he released, "Other Products" revenue of $2.7 million would translate into Apple Watch sales of only 2.3 million, which would be very weak indeed. Techies were anxiously waiting the device's September arrival, yet predictions swirled that the design updates would delay the phone's release.

Apple's board of directors has declared a cash dividend of $0.63 per share of the Company's common stock.

Unsurprisingly, the majority of that (54.7%, to be specific) comes from iPhone sales, which came in at 41.026 million units for revenue of $24.846 billion. Revenue in Greater China declined 10 percent year over year to $8 billion.

This marks the first time Apple has experienced an increase in iPad sales in 14 quarters, likely due to the release of the well-received 10.5-inch iPad Pro, as well as the 9.7-inch iPad.

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