February 23, 2018

Apple Rings In Higher Earnings On iPhone Sales

03 August 2017, 01:12 | Lionel James

Tim Cook says Apple is working on a 'large project' around autonomous systems

Tim Cook

"We reported unit and revenue growth in all our product categories in the JUNE quarter, driving 17% growth in earnings per share", CFO LUCA MAESTRI said.

Apple's Services unit had sales of almost $7.3bn during the three months to the end of June, a rise of 22% higher on the same period past year.

The earnings report comes ahead of what will be a pivotal quarter for Apple as the company reportedly gears up to launch a new iPhone.

Mac sales remained strong, and iPad sales returned to growth during Apple's most recent quarter, helping to propel the company as buyers await a major iPhone launch this fall. There are reports Apple could launch three iPhone models, with one expected to have a four-digit price tag.

The tech giant sold 41m iPhones during the quarter and 11.4m iPads, a 15 per cent increase on the same period past year.

The company reported third-quarter earnings today (its fiscal year ends in September) that came in at the top of its guidance, generating $45.4 billion in revenue, a gain of 7% over the same quarter last year.

Apple sold 41 million iPhones during the quarter, plus the company reduced inventory by more than 3 million units. On the back of the new 10.5-inch iPad Pro released at WWDC in June, Apple moved 11.4 million tablets, its biggest non-holiday quarter for the tablet in more than two years.

Leading the way was Apple's iPad sales, which were up 15 percent from past year.

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Apple's services continue to grow, seeing a 22% increase year-over-year.

Other products - including Apple TV, Apple Watch, and Beats products - generated $2.74 billion, up 23.3%.

How much has the iPhone rumor mill hurt Apple's sales?

The iPhone maker announced revenue for the last quarter of 45.4 billion dollars (£34.4 billion), up on the 42.4 billion dollars (£32.1 billion) posted a year ago. That usually results in iPhone demand tapering in the months before a release.

"We've got some momentum", Chief Executive Tim Cook said.

Apple's revenue from the Greater China region fell 9.5% to $8 billion in the latest quarter, as consumers switched to newer domestic offerings.

According to The Verge, leading the way was Apple's iPad sales, which were up 15 per cent from 2016.

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