Wednesday, 01 August 2018 07:51

Apple beats forecasts with best June quarter results Featured

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A smaller than usual rise in iPhone shipments has not prevented Apple from delivering its best June quarter, with the world's richest technology company registering revenue of US$53.3 billion for the third fiscal quarter.

The revenue represented a rise of 17% on the corresponding quarter a year ago, being driven by higher prices for the iPhone and sales from its App Store, Apple Music and iCloud services.

iPhone sales rose by 14.4% in what is normally its slowest sales period, netting US$29.9 billion even though shipments rose only by 1% to 41.3 million.

Services revenue was a record US$9.55 billion, a 31% increase from the corresponding quarter a year ago. The total revenue of US$53.3 billion beat the estimates made by Wall Street analysts and was near the high end of Apple's own forecasts.

Apple recorded profit of US$11,52 billion for the quarter, or US$2.34 a share, once again well ahead of estimates made by analysts.

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

“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.”

Apple chief financial officer Luca Maestri said: “Our strong business performance drove revenue growth in each of our geographic segments, net income of US$11.5 billion, and operating cash flow of US$14.5 billion.

“We returned almost US$25 billion to investors through our capital return program during the quarter, including US$20 billion in share repurchases.”

The company provided the following guidance for the final quarter of the fiscal (July to September):

  • revenue between US$60 billion and US$62 billion;
  • gross margin between 38% and 38.5%;
  • operating expenses between US$7.95 billion and US$8.05 billion;
  • other income/(expense) of US$300 million; and
  • tax rate of approximately 15% before discrete items.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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