After a second quarter earnings report that showed almost no growth, Apple has officially bounced back with a solid quarter three report. Not only is revenue up 7 percent year-over-year, but Apple has seen an increase in iPads sold and the best quarter ever in a long time for services revenue.
Apple sold 41 Million iPhones, 11.4 Million iPads, and 4.2 Macs. The company is also still not giving exact units for Apple Watch’s sold, but Apple says the product is still growing very well and that they are leading the pack. This means Apple generated $45.4 billion in revenue for quarter three of 2017. From all those products sold there was an 8.7 Billion generated in profit.
The iPad is finally showing an increase in sales– chances are this stems from the new $329 entry-level iPad, along with the new 10.5-inch iPad Pro. Services and other products made up the brunt of revenue as well since they increased year-over-year.
Last but not least while quarter three just ended, Apple is setting sights on a big fourth quarter. While Tim Cook and the executive team are tight lipped on what is coming, chances are it should generate a significant number sold and some good profit.
Press Release
Apple Reports Third Quarter Results
Revenue Growth of 7 Percent and EPS Growth of 17 Percent
Services Revenue Hits All-Time Quarterly Record
Cupertino, California — Apple today announced financial results for its fiscal 2017 third quarter ended July 1, 2017. The Company posted quarterly revenue of $45.4 billion and quarterly earnings per diluted share of $1.67. These results compare to revenue of $42.4 billion and earnings per diluted share of $1.42 in the year-ago quarter. International sales accounted for 61 percent of the quarter’s revenue.“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” said Tim Cook, Apple’s CEO. “We hosted an incredibly successful Worldwide Developers Conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”“We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share,” said Luca Maestri, Apple’s CFO. “We also returned $11.7 billion to investors during the quarter, bringing cumulative capital returns under our program to almost $223 billion.”Apple is providing the following guidance for its fiscal 2017 fourth quarter:
- revenue between $49 billion and $52 billion
- gross margin between 37.5 percent and 38 percent
- operating expenses between $6.7 billion and $6.8 billion
- other income/(expense) of $500 million
- tax rate of 25.5 percent
Apple’s board of directors has declared a cash dividend of $0.63 per share of the Company’s common stock. The dividend is payable on August 17, 2017 to shareholders of record as of the close of business on August 14, 2017.
