Home » Money

Apple enjoys its fourth straight quarter of revenue growth in Q2 2018

01 August, 2018, 08:54 | Author: Melinda Barton
  • Apple working on dual-Sim iPhone models

Profits hit $US11.5 billion, up from $US8.7 billion a year ago, while total sales climbed 17 per cent to $US53.3 billion, due to increasing revenues from the iPhone's App Store and sales of peripherals such as the Apple Watch and the company's headphones.

Apple's guidance towards fourth-quarter revenue is between $60 billion and $62 billion, way ahead of Wall Street estimates of $59.47 billion.

"Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables", chief executive Tim Cook said in a statement. When asked about this on the earnings call, Cook called smartphones the world's best business to be in simply because of its size. ut he didn't provide a strong answer for concerns that the market has become saturated in developed countries or that users are upgrading their devices less frequently.

Shares rose almost 3 percent in after-hours trading, from a $190.29 per share close - edging the company closer to its pursuit of a $1 trillion market value. Even more impressive was the growth in revenue from services such as Apple Music and iCloud, which grew by 31% compared to the previous year.

Apple is well on its way to crossing a historic milestone and becoming the first company ever with a $1 trillion dollar valuation.

During a conference call with analysts, Cook said the iPhone X was the most popular iPhone in the fiscal third quarter, gaining market share around the world.

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.


The company, based in Cupertino, California, said its average iPhone selling price hit $724 (£552), beating analysts' expectations of $694 (£529).

Apple third quarter earnings were never supposed to be exciting - it hasn't had a big hardware launch in months and we don't expect new iPhones until September.

"IPhone X shows that when you deliver a great innovative product there are enough people out there that would like that and it can be a very good business".

In fact, as the Apple-centric Six Colors blog pointed out, Apple's four-quarter rolling iPhone revenue is at an all-time peak, beating out even that late 2015/early 2016 period when seemingly everyone was upgrading to an iPhone 6. The Apple Watch had a record quarter with mid-40 percent growth, the CEO also said. Analysts expected that Apple would sell around 42 million phones-the company sold only 41.3 million.

"We are not able to catch up to demand yet and continue to add capacity for the AirPods", Mr Maestri said. Thomson Reuters analysts expected $52.3 billion.

Cook told analysts that Apple is on track to meet a goal of doubling Services revenue by 2020.

Recommended:



Popular

Jose Mourinho: This is the flawless habitat for young players
The Red Devils boss is targeting Leicester's Harry Maguire, as well as Inter Milan's Ivan Perisic and Chelsea's Willian. And Mourinho is angry at United's failure to deliver all the transfer targets he identified at the start of the summer.

How to watch the July 2018 "blood moon" online
But, while there was a spectacular sunrise, the eclipsed moon disappeared behind low cloud at the crucial moment in Christchurch. EarthSky .org has a map showing more exact locations, and TimeandDate.com has timings based on your location.

Death Toll Mounts as Wildfires Rage Across California
Nevertheless, authorities "are very encouraged with the fire status" in Redding, said Cal Fire incident manager Bret Gouvea. The nearby town of Keswick, with a population of about 450, was reduced to cinders, and two firefighters were killed.

AASU opens Control Room to help people find their names in NRC
The government said the draft was not meant to drive people out and those struck out of the list would have a chance to re-apply. National Register of Citizens (NRC) of Assam was first prepared in 1951, following the census that year. "It's a moral victory".

Children, Great-grandmother Die in California Wildfire
Ed Bledsoe told the Sacramento Bee that he spoke to the children on the phone as he raced in vain to return in time to save them. Bledsoe's husband, Ed, wasn't home when the fire struck, according to an online fundraiser created by another family member.

CBS CEO Les Moonves Accused of Sexual Misconduct in New Yorker Exposé
In a statement issued Friday afternoon, a representative for Shari Redstone said, "The malicious insinuation that Ms. The New Yorker declined to comment, citing its policy of not commenting on reporting efforts before publication.

Trump denies knowing about his son’s Trump Tower meeting with Russians
A spokesperson for the U.S. attorney's office in Manhattan, which is investigating Cohen, declined to comment to the newspaper. Trump Jr. had previously confirmed the meeting by tweeting out an email exchange between himself and publicist Rob Goldstone .

Palestinian teen protest icon Ahed al-Tamimi leaves Israeli prison
Israeli authorities on Sunday released Palestinian teen Ahed al-Tamimi and her mother from prison after an 8-month detention. On Sunday she is expected to step back into the spotlight at a scheduled press conference at her home after her release.

Blood moon and close approach of Mars will paint the sky red
These events will play out simultaneously over the night sky, on the final hours of July 27, and the early hours of July 28. Friday's lunar eclipse will be particularly special as it is the longest total lunar eclipse of the 21st century .

House Republicans Seek Impeachment Of DOJ’s Rosenstein
Meadows's move is reminiscent of when, in July 2015, he filed a resolution to unseat John Boehner as speaker of the House. Republican leaders, however, have said in recent weeks that they are satisfied with the Justice Department's progress.