Apple beats earnings expectations with $53.3B in revenue, stock up 3%

Apple beats earnings expectations with $53.3B in revenue, stock up 3%

"Apple gave the Street and tech investors finally some good news" beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors. In February, Apple said it expected revenue of between $51.5 billion and $53.5 billion for the quarter.

The world's most valuable technology company also forecast revenue of $60 billion to $62 billion for its fiscal fourth quarter, which will include early sales of soon-to-be-announced phone models, beating the $59.6 billion analysts expected, according to data from Thomson Reuters I/B/E/S.

The Cupertino, California-based company said its fiscal third-quarter profit jumped 32% to $11.52 billion.

Analysts are predicting iPhone sales to be up slightly on past year, but revenue to rise further thanks to the higher price of the iPhone X, which Apple said, when announcing its last set of results, was its best-selling phone.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook, Apple's chief executive, in a press release. At almost $10 billion (let's just round for convenience), Services is making up almost 20% of Apple's $53.3 billion in total revenue.

Apple Inc. projected sales that beat analysts' estimates, suggesting consumers continue to snap up the company's high-end iPhones, digital services and wearable devices like AirPods and the Apple Watch.

Apple is locked in a race with Microsoft, Amazon, and other mega-cap stocks to be the first $1 trillion company.

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About the only impediments holding Apple from $1 trillion are buybacks and dividends, which enhance the company's share price though doesn't necessarily enhance its overall market value.

There are lots of things to expect from Apple's upcoming quarterly earnings to stay tuned for the latest.

The services business includes things like Apple Music, Apple Pay, and iCloud.

The company's Other Products segment continued to see strong growth, with revenue up 37 per cent to US$3.7 billion.

Meanwhile, the Other Products category (for AirPods, HomePods and their ilk), has jumped 37 percent since this time previous year.

Another category potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

Things are pretty dire for Mac sales, which have slumped to a seven-year-low of 3.72 million. It's also working on an upgraded Pro model with iPhone X features like Face ID, which could increase sales of the device.

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