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Apple Shares Rise With Earnings Beat For June Quarter, And iPhone Optimism

Apple Shares Rise With Earnings Beat For June Quarter, And iPhone Optimism”

Apple's sales amounted to $45.41 billion Dollars in the third fiscal quarter of 2017, an increase of 7.2 percent, with a net of $8.72 billion, coming to a total increase of 11.9 percent over the same period past year.

The company is expected to release its next iPhone in September.

"Apple's Services business continues to be the shining light", said Geoff Blaber of CCS Insight. Apple has been following a September launch cycle, but this one will be particularly special, marking the 10th anniversary of the flagship device. In the same quarter a year ago, Apple reported $7.8 billion in net income and $42.36 billion in revenues.

In an earnings call, Cook detailed that sales in the education market were up 32 percent year-over-year at almost 1 million units. Analysts expected $44.89 billion from the top line.

Apple said it also set a new all-time record in service revenue, up 22 percent year-on-year to Dollars 7.27 billion.

For fiscal Q4, Apple forecast revenues of Dollars 49-52 billion, up from USD 46.85 billion a year earlier.

"Overall, these were satisfying results for Apple", said Clement Thibault, senior analyst at Investing.com.

While Apple was typically tight-lipped about its plans for the next iPhone, Cook and Company's lofty estimates for the Q4 period, anywhere from $49bn-52bn, would suggest they're aiming for huge initial sales of the next handset.

iPad saw a 15% increase in units sold, jumping from 9.950 million to 11.424 million; however, Apple's tablet lineup only received a 2% boost in revenue, from $4.876 billion to $4.969 billion.

Service revenue, which includes Apple's app store sales, jumped 22% while iPad and Mac computer revenue also rose.

Cook did not reveal any details about the upcoming iPhone 8 but said Apple is "looking very much forward to the product rollouts". Apple updated the MacBook and 2016 MacBook Pro with Intel's latest Core processors in June as well. That's a 7 percent increase. He said the company was really happy with how that's going.

Also, mobile game devs eyeing the Chinese market should know that Apple's quarterly revenues were up year-over-year in all regions except China, where they actually fell 10 percent.

But this year, the drop-off in sales started even earlier. Apple has shown a remarkable ability to manage supply chain and ramp new iPhone models but a delay will add pressure to fulfill pent up demand in the last calendar quarter of the year.



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