Apple earnings beat expectations as it sells pricier iPhones
01 August, 2018, 02:03 | Author: Mary Valdez
The company earned $2.34 per share on revenue of $53.3 billion for its fiscal third quarter, compared with EPS of $1.67 and revenue of $45.4 billion. Apple (NASDAQ:AAPL) sold a total of 41.3 million iPhone units, but the projected amount was 41.6 million units.
Investors were watching closely to see if Apple would be entangled in the FAANG meltdown, which hammered shares of Facebook (FB) and Netflix (NFLX) last week in a broader sell-off.
High-priced iPhones continued to sell well with the iPhone ASP hitting $724. iPad sales came in at 11.6 million units.
Revenue reached $53.3 billion, an increase of 17% from a year ago and exceeding Wall Street's projections of $52.34 billion.
And Apple has used its pile of cash to buttress share prices, buying back $20 billion in stock in the quarter, part of a $100 billion stock buyback program.
The firm said its £999 iPhone X - launched past year - remained its most popular iPhone model in the quarter and had driven the higher selling prices.
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. With a market capitalization of more than $900 billion, Apple is tickling at the title of world's first trillion-dollar company.
Investors reacted enthusiastically, driving the stock up 5% in after-hours trading to $195.90 a share. This segment includes AppleMusic, App Store sales as well as Apple Care and iCloud subscriptions.
Luckily, a long-underappreciated Apple division is coming to the fore: Services.
Apple's biggest selling products do not yet face duties stemming from the U.S. And look out, Spotify: AppleMusic grew over 50 percent since past year, as did revenues from the company's cloud services. Apple never really explains how specific products in that bucket contribute to the company's overall performance, but Cook did point out on the call the Apple Watch's growth was "in the mid-40s range" this quarter.
Gross margin for the quarter was 38.3 percent compared to 38.5 percent in the year-ago quarter, with worldwide sales accounting for 60 percent of revenue.
"We are not able to catch up to demand yet and continue to add capacity for the AirPods", Mr Maestri said. Services revenue was up 31% YOY at $9.54 billion, which was also better than Wall Street's expectations.
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.
The company said it expects fiscal fourth quarter revenue to be between $60bn and $62bn, against analyst estimates of $59.5bn.
According to the University of Kentucky, a student studying overseas this summer in the Middle East has gone missing. University officials say they are also in contact with the other students in Tel Aviv, who are safe. "She is loved.
Risky and irregular fire-generated wind "and fire-induced whirlwinds are possible. threatening life and property", it said. Meanwhile officials said a second firefighter died fighting a huge blaze to the south near Yosemite National Park.
The Kentucky senator was one of the few Republicans considered possible swing votes on Kavanaugh's confirmation. Manchin was one of three Democrats who voted to confirm Trump's first Supreme Court nominee, Neil Gorsuch .
Manafort had been under federal investigation since 2014 over suspicion of illegal lobbying and financial improprieties. District Court after a motions hearing in Alexandria , Virginia , U.S., May 4, 2018.
And in the seventh round I was thinking maybe they should pull him [Chisora] out, that he was taking too much punishment. He's a champ, he's experienced - I got a win on a big show but he is more experienced than me.
LeBron James Jr. hasn't even started his high school career, but the eighth grader is already drawing college interest. Then it went from just sitting there. then it went from me sitting on the bench to me getting in an argument".
Swan quotes Giuliani saying: "Why don't you write a report and show us what you have, because they don't have a g--mn thing". Dershowitz said to pay attention to whether the prosecution hints at Manafort's relationship with Trump.
Among the independent directors are former Verizon executive Bruce Gordon and former Clinton defense secretary William Cohen. The activity happened over a period of three decades beginning in the 1980′s, the alleged victims said.
Video footage on the Radio Free Europe website appears to show a auto hitting cyclists, then turning and driving one off the road. It sent its condolences to the victims' families and said it will continue to work with authorities in the ongoing investigation.
Check Out Tom Hardy's Dark Side in New 'Venom' Trailer
And that's exactly what happens to poor Eddie who's told by his alien symbiote that if he cooperates he might just survive. His solution? Erase our species and replace it with a new hybrid creature - human and symbiote combined.
New Orleans Shooting Leaves Three Dead, Seven Wounded
New Orleans Police say evidence suggests gang violence in the Saturday night shooting of 10 people at a strip mall. In the 2800 block of Louisiana Avenue , crime tape was in place at a house and officers stood on the front porch.