Apple reports new sales record for third quarter as it eases toward $1tn mark

12:08 • 01.08.18
Economy

Apple Inc reported better than expected sales figures for the third quarter, pushing shares of the iPhone giant higher and easing the value of the company up from $935bn toward the symbolic $1tn threshold.

“Growth was strong all around the world,” Apple finance chief Luca Maestri said, according to the Guardian.


After the markets closed in New York on Tuesday, the Cupertino, California-based iPhone giant reported a $11.5bn profit for the three months ending in June, up 32% from the same period a year ago. Sales increased 17% to $53.3bn, a new record for its fiscal third quarter.


The company said it expects fiscal fourth quarter revenue to be between $60bn and $62bn, against analyst estimates of $59.5bn. “Apple gave the Street and tech investors finally some good news,” noted GBH Insights analyst Daniel Ives.


After last week’s investor-led beating of Facebook – on Thursday, Facebook had the single worst day in stock market history, losing more than $120bn from its market cap as its stock tanked over 20% – Apple’s numbers are likely to give a measure of relief to FAANG-wary investors. Apple stock rose 2.5% in after hours trading Tuesday following the earnings report.


The figures show that Apple sold around 41.3m iPhones during the quarter, little changed from the 41m it sold in the same period a year ago, as consumers shrugged off higher prices for Apple’s flagship iPhone X model.


Apple’s figures also reflect increasing demand for “other products”, including Apple Watch, once considered a weak offering, but which sold around 3.5m units during the quarter. Overall, “other products”, which also includes AirPods earphones, Apple TV and HomePod speaker systems, recorded a sales increase for the quarter of 37% year-on-year.

 

 

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