"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", Luca Maestri, Apple's CFO, said in a statement.
"The lesson Apple's management has learned from the iPhone X, is when you sell a smartphone for more than US$1,000 you can sell fewer units and still reap the financial benefits", said analyst Thomas Forte from D.A. Davidson & Co. Worldwide sales accounted for 60 percent of the quarter's revenue.
But on second glance, Apple's numbers tell an interesting story. iPhone sales were barely up compared to the same quarter a year ago, and at 41.3 million units sold, the analyst expectation of 41.79 million units was actually missed.
Apple, the maker of the iPhone X, exceeded Wall Street's expectations with its latest earnings, partly due to selling pricier mobile phones. Apple's Mac unit, which has been drawing complaints from consumers, reported a 5 percent drop in sales.
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"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth". While the numbers were in line with street estimates for iPhone, Services and Other products, Apple's iPad and Mac sales declined during this quarter.
Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent.
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. Samsung, Apple's chief smartphone competitor, cited less frequent upgrades as a reason its flagship models failed to deliver expected sales in its Monday earnings call. Additionally, the iPad sales momentum will also be able to pick thanks to newer models that will come with a smaller footprint, feature razor bezels, and will come with Face ID support.
Apple reported very strong earnings to investors on its quarterly earnings call today.
Fortnite's Playground mode returns alongside birthday rewards
With only a few days left until its return, all eyes will be on Epic Games to see what has changed for their most popular mode. Update: Epic has said you're going to have to wait until the store refreshes until the Challenges unlock for some players.
Apple posted third-quarter revenue of $US53.3 billion and profits of $US2.34 per share, and forecast its revenue would be between $US60 billion and $US62 billion in the fourth quarter.
Apple's best-selling products do not yet face duties stemming from the US-China trade disputes, but US President Donald Trump has threatened hundreds of billions of dollars in further tariffs on product categories not yet been enumerated.
Another bright point for Appleーrevenues from its services business, which includes its App Store, Apple Music, and iCloud. Eight analysts surveyed by Zacks had expected $52.4 billion in revenue for the quarter. Maestri told Reuters that sales from Apple Care, the company's warranty offering, were up 27 percent versus a year ago, though the company did not disclose a dollar figure for sales.
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