Apple's guidance for the fourth quarter of fiscal 2018 includes expected revenue of $60-62 billion and gross margin between 38 and 38.5 percent.
Apple's chief executive Tim Cook said: "We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth". While the numbers were in line with street estimates for iPhone, Services and Other products, Apple's iPad and Mac sales declined during this quarter.
What's propelled Apple's June earnings high and its ability to defy the challenges faced by rival tech stocks this quarter? iPhone revenue was higher than estimated.
iPhone sales came in slightly short of the expected 41.6 million units, at 41.3 million during what is typically Apple's slowest quarter for phone sales. The Company posted quarterly revenue of $53.3 billion, an increase of 17 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.34, up 40 percent.
The company, based in Cupertino, California, said its average iPhone selling price hit $724 (£552), beating analysts' expectations of $694 (£529). Its mobile unit reported a 22 percent drop in sales revenue to $20.2 billion from the same time a year ago.
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At the moment, Apple is worth $935 billion. He added, "We priced iPhone X at a level that represented the value of it and we could not be happier that it has been the top selling iPhone since the launch, and so we feel terrific about iPhone X". It still has about $10 per share, or 2%, to go.
Apple just reported its third-quarter fiscal earnings, and as we're used to seeing from the world's most valuable company, it was another excellent three months. The dividend is payable on August 16, 2018 to shareholders of record as of the close of business on August 13, 2018. In a note ahead of earnings, Andy Hargreaves of KeyBanc Capital Markets said that the "the risk of a direct impact from trade conflicts or increased nationalism among foreign consumers that damages global iPhone demand" might offset potential gains for Apple.
Analysts have learnt to look past Apple's third-quarter earnings to avoid any disappointment as consumers await the next iPhone upgrade, which is expected in September. We should see a 5.8-inch iPhone X sequel and a 6.5-inch iPhone X Plus, both with OLED panels. Maestri told Reuters that sales from Apple Care, the company's warranty offering, were up 27 percent versus a year ago, though the company did not disclose a dollar figure for sales.
The maker of iPhones, iPads and other products posted revenue of nearly $53.3 billion in the period, also exceeding Wall Street forecasts.