Apple beats earnings expectations with $53.3B in revenue, stock up 3%

Apple beats earnings expectations with $53.3B in revenue, stock up 3%

Apple beats earnings expectations with $53.3B in revenue, stock up 3%

The total revenue stood at $53.26 billion, a growth of 17 percent over same period previous year. "We returned nearly $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases".

The company said it expects fourth-quarter revenue of between $60bn (£45.7bn) and $62bn (£47.2bn).

Apple has posted Q3 18 results, and the results won't be a disappointment to investors, with the Cupertino powerhouse squeezing another good quarter out of the iPhone, and gets a decent one out of the iPad.

Shares rose 3.4 percent to $196.80 in after-hours trade.

With a total market value of more than $US900 billion, Apple is tickling at the title of world's first trillion-dollar company.

In its financial results for the third quarter of 2018, the company posted a revenue of $53.3 billion, which is a 17 per cent increase on the same quarter past year. During that quarter Apple sold 41 million iPhones, 11.4 million iPads, and 4.3 million Macs.

Cook said the services revenue is mainly driven by more people entering the Apple ecosystem and announced that paid subscriptions surpassed 300 million, a 60 percent year-over-year growth. But with Apple reaping the benefits of higher-priced iPhones - the average selling price of Apple's phones was $724 during the just-completed quarter - it's hard to argue with the company's strategy. Supply chain leaks suggest the company is preparing to launch a bigger-screen version of the iPhone X as well as a cheaper model.

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Revenue rose 17 per cent to Dollars 53.27 billion, also exceeding Street forecasts for USD 52.37 billion.

Apart from consumer behavior, there is also concern that Apple's extensive overseas manufacturing operation may suffer from trade disputes between the US and China. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated. Apple says wearable sales was higher by 60 percent during the quarter. The Apple Watch had a record quarter with mid-40 percent growth, the CEO also said.

What's propelled Apple's June earnings high and its ability to defy the challenges faced by rival tech stocks this quarter? iPhone revenue was higher than estimated.

"We are not able to catch up to demand yet and continue to add capacity for the AirPods", Mr Maestri said.

Apple's margins are facing pressure as it moves to put pricier components, such as OLED displays that show more vivid colours, into its products.

Some of the more bullish Apple analysts believed Apple might report $9.2 billion in services revenue for the June quarter. Apple has also hit what Cook called a pocket of success with the Apple Watch, though the company doesn't break down smartwatch revenue.

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