Apple announced its financial results for the third quarter and strong sales of iPhones, services and wearables led to a 17 per cent increase in revenue which resulted in the company posting $53.3bn in revenue for the quarter.
CEO Tim Cook pointed to strong international sales as big driver for its increased revenue this quarter with 60 per cent of its sales coming from outside of the US.
Apple shipped 41.3m iPhones this quarter compared to 41.03m during the same period last year though the higher price of the iPhone X helped the Cupertino-based company earn more revenue on each device sold. The company also moved more iPads this quarter than it did during the previous quarter thanks to its new cheaper iPad focused on education.
When it comes to its Mac line of computers, Apple sold 3.72m Macs which is 13 per cent less than last year. What the company lost in terms of Mac sales, it certainly made up in its services segment which is made up of Apple Care, App Store purchases and more. Apple's services division increased by more than 30 per cent year-over-year to reach $9.55bn. The company's Spotify alternative, Apple Music also grew by over 50 per cent since last year.
Apple's Other Products category consisting of AirPods, HomePods and other devices increased by 37 per cent with the Apple Watch leading the surge.
In a statement (opens in new tab) announcing its third quarter results, Tim Cook shared his excitement, saying:
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth. 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.”
With rumours pointing to the release of three new iPhone models as well as updated iPads coming soon, Apple may just be able to report even higher results in the fourth quarter.
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