Apple has announced its financial results for the third quarter of the fiscal year 2017, with profit rising to $8.7 billion, nearly 12 per cent higher than in the same period of 2016. Better than expected iPhone sales led to Apple posting a quarterly revenue of $45.4 billion up seven per cent YoY (year-over-year) for the third quarter of 2017.
The strong results announced on Tuesday send the share price of the tech company up by six per cent in after hours trading.
Apple’s CEO Tim Cook:
- Apple’s CEO Tim Cook said.
- The company is in its “third consecutive quarter of accelerating growth”.
- In addition,has achieved “an all-time quarterly record for Services revenue.”
- Also said,with revenue up seven per cent YoY.
- We’re happy to report our third consecutive quarter of accelerating growth.
- In addition,an all-time quarterly record for Services revenue,said Tim Cook, Apple’s CEO.
- We hosted an incredibly successful ‘Worldwide Developers Conference’ in June.
- We’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall,” Cook added.
- Luca Maestri, Apple’s CFO also said.
- We reported unit and revenue growth in all our product categories in the June quarter.
- Driving 17 per cent growth in earnings per share,said Luca Maestri, Apple’s CFO.
- Apple saw 21.6 per cent jump in the services business the App Store, Apple Pay and iCloud to $7.27 billion.
- In addition,we also returned $11.7 billion to investors during the quarter.
- Bringing cumulative capital returns under our program to almost $223 billion, Maestri added.
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Third Quarter:
- During the third quarter, which ended on Monday.
- The California-based company generated net earnings per share of $1.6.
- Compared to the $1.42 it had achieved between May and July 2016.
- When it earned a total of $7.79 billion.
- Apple’s total revenue reached $45.4 billion in this quarter, representing a seven per cent increase over the same months of 2016, when it managed to raise $42.3 billion.
- Much of the revenue came from iPhone sales, which, with 41 million units sold between May and June, contributed $24.8 billion to that figure.
Revenue:
- The revenue from services, which include the company’s digital content and the Apple Pay application, among others, reached $7.26 billion, showing a 21 per cent jump over the third quarter of 2016, when it was $5.97 billion.
- Apple currently has $261.5 billion in cash, 94 per cent of which are outside the US.
- This figure is 13 per cent higher than that reported at the end of May, when it announced that it had about $256 billion.
- According to The Verge, leading the way was Apple’s iPad sales, which were up 15 per cent from 2016.
- Hardware like the Apple Watch, AirPods, and Beats headphones where the highlights in the ‘Other Products’ category.
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