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Apple posts strong Q3 earnings

Strong sales of premium iPhone, services and wearables lifted the Q3 result

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MUMBAI: Apple has posted a strong result for the third quarter in contrast to other tech giants like Facebook, Twitter, Netflix etc. which disappointed investors in this quarter’s result. The company reported a higher-than-expected revenue for its third fiscal quarter beating analysts’ projection.

The California-based company posted quarterly revenue of $53.3 billion, an increase of 17 per cent from the year-ago quarter. Moreover, due to its brand reputation across the globe, international sales accounted for 60 per cent of the quarter’s revenue. Earnings per share grew by 40 per cent year-over-year while revenue grew by 17 per cent year-over-year.

“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” Apple CEO Tim Cook said. “Our Q3 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,” he added.

However, 41.3 million iPhones shipped during the third quarter is basically flat from the year-ago period and slightly below the projection of 41.8 million. The higher sale of premium phones made up the shortcoming. It ended up with an iPhone average selling price of $724 in the June quarter, while analysts were projecting $693.

Interestingly, Cook in the earnings call said Apple is seeing growth in video-streaming subscription services at about 100 per cent on a year-over-year basis. Oprah Winfrey’s ability to connect with audiences could beat thing for Apple’s own video content.

Apple Music now has upward of 50 million users who either pay for the service or are using a free trial. The music streaming service has become an increasingly important part of the company’s business. Cook also mentioned Apple’s service segment, which includes music streaming, boosted the Q3 result.

Now standing with a total market value of more than $ 900 billion, Apple is on the verge of becoming the world's first trillion-dollar company. If the stock continues to rise aboveseven per cent, it could touch the record soon. Apple stock rose about four per cent in after-hours trading. The company forecast revenue between $60 billion and $62 billion for its fiscal 2018 fourth quarter.

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