Apple earnings beat expectations as it sells pricier iPhones

Apple earnings beat expectations as it sells pricier iPhones

Unit volume rose just 1 percent from a year ago to 41.3 million, which was expected, but the average selling price grew 20 percent to $724 per iPhone, up from $606 a year ago. On a per-share basis, earnings hit $2.34 to beat Wall Street's estimate of $2.18.

FILE PHOTO: The company's logo is seen outside Austria's first Apple store, which opens on February 24, during a media preview in Vienna, Austria, February 22, 2018. Investors sent the company's stock up $7.31, or close to 4%, in after-hours trading. That is particularly notable given that unit sales rose less than 1% to 41.3 million during that time.

The company shipped 3.7 million Macs last quarter, down 13% on the year.

Apple noted that its cash hoard now sits at $243.7 billion, down $23.5 billion from the previous quarter. He added, "We priced iPhone X at a level that represented the value of it and we could not be happier that it has been the top selling iPhone since the launch, and so we feel terrific about iPhone X". The June quarter is seasonally slow for iPhones.

During a conference call with analysts, Cook said the iPhone X was the most popular iPhone in the fiscal third quarter, gaining market share around the world.

Apple posted third-quarter revenue of US$53.3 billion and profits of US$2.34 per share, compared with analyst estimates of US$52.3 billion and US$2.18 per share, respectively, according to Thomson Reuters I/B/E/S.

Apple is ever-so-close to becoming the first US company worth more than $1 trillion: The company closed in on the magic number Tuesday in after-hours trading after posting better-than-expected results for its fiscal third quarter, which ended June 30.

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Apple's guidance for Q4 was $60 billion and $62 billion in revenue, versus analysts' expectations of $59.48 billion. It's also working on an upgraded Pro model with iPhone X features like Face ID, which could increase sales of the device.

He said the company has had a "stellar quarter in services" with an all-time high revenue of $9.5 billion which he attributed partly to the double-digit growth in active installed base.

Apple has responded to a plateauing global smartphone market by launching ever-more expensive phones and diversifying into services.

Apple's numbers also show that it's dependence on the U.S. market as well as the on iPhone lineup is coming down.

Yet Apple fared far better than its rival, delivering $29.9 billion in iPhone revenue, of an overall $53.2 billion.

Revenue from the app store, music subscriptions and other services grew 31 percent to $9.5 billion, a record for Apple. He said Apple was on target to reach its goal of doubling fiscal 2016 services revenue by 2020. Analysts surveyed by Zacks had expected revenue of United States dollars 58.59 billion.

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