Apple beats earnings estimates as iPhone sales climb

Apple beats earnings estimates as iPhone sales climb

Apple beats earnings estimates as iPhone sales climb

Apple also reported a 37 per cent increase, to Dollars 3.7 billion, in the division for miscellaneous hardware, including Apple Watch and the HomePod smart speaker.

Apple shares rose about 3.5 per cent in extended trading on Tuesday.

There are lots of things to expect from Apple's upcoming quarterly earnings to stay tuned for the latest.

Apple is one of the most trusted companies in the world. While unit sales have slowed recently, the company is building digital services and a suite of other gadgets around the device. Those are both record numbers for company's June quarter, and iPhone sales were a big reason why. During that quarter Apple sold 41 million iPhones, 11.4 million iPads, and 4.3 million Macs.

The company is expected to unveil new iPhone models in the fall, sticking with its near-annual practice of releasing upgraded models ahead of the year-end holiday shopping season.

The results "were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline", Tim Cook, Apple's chief executive officer, said in a statement. This translated to diluted earnings per share of $2.34, compared to $1.67 during the same quarter in 2017. They expected revenue of $52.34 billion.

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.

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While the rest of the tech industry's earnings are in a slump, Apple just posted its biggest Q3 earnings report ever. Cook said that the more expensive iPhone X was once again the most popular iPhone model this quarter.

For the current quarter ending in September, Apple said it expects revenue in the range of $60 billion to $62 billion - also better than analysts had expected. Samsung's Galaxy Note 9 launch, slated for next month, reportedly had to be sped up because of the tepid S9 sales.

Apple, meanwhile, has focused more on services such as the App Store and its entertainment businesses as growth drivers. The company is working on expanding these offerings with original videos and a news subscription service.

Cook also said he wasn't fazed at the maturity of the smartphone market, which IDC said shrank 2 per cent 342 million units in the quarter.

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

Apple is looking at whether it will be hit by tariffs on purchases the company must make, possibly "related to data centers", Cook said on a conference call with investors. The company doesn't report sales figures for the Watch. That is particularly notable given that unit sales rose less than 1% to 41.3 million during that time.

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