Pricier iPhones Lead Apple to Beat Earnings Expectations

Pricier iPhones Lead Apple to Beat Earnings Expectations”

Finally, while Cook expressed opposition to new trade tariffs between the U.S. and China, noting how they're anti-consumer, he said that Apple is continuing to see double digit growth in China along with other major markets.

Apple ended the trading day with a market cap of $935.3 billion. With approximately 4.9 billion shares, it will take the stock price of about $204 for Apple to reach $1 trillion.

"The lesson Apple's management has learned from the iPhone X, is when you sell a smartphone for more than $1,000 you can sell fewer units and still reap the financial benefits", said analyst Thomas Forte from D.A. Davidson & Co.

In the quarter, Apple sold 41.3 million iPhones.

While the rest of the tech industry's earnings are in a slump, Apple just posted its biggest Q3 earnings report ever.

Apple Inc reported better than expected sales figures for the third quarter, pushing shares of the iPhone giant higher and easing the value of the company up from $935bn toward the symbolic $1tn threshold.

But the average iPhone selling price hit $724, well above the expected $694. That's because the pricy iPhone X has been performing well; it has consistently been the best-selling iPhone since it launched last November.

Luckily, a long-underappreciated Apple division is coming to the fore: Services.

The company said it expects fourth-quarter revenue of between $60bn (£45.7bn) and $62bn (£47.2bn).

Apart from consumer behavior, there is also concern that Apple's extensive overseas manufacturing operation may suffer from trade disputes between the US and China. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated. Cook said wearables were a highlight of the quarter, with sales up 60 per cent year over year.

Another category potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

The company's Other Products segment continued to see strong growth, with revenue up 37 per cent to US$3.7 billion.

"We are not able to catch up to demand yet and continue to add capacity for the AirPods", Mr Maestri said.

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.

Amid the flurry of tech stocks plummeting as companies like Facebook, Twitter, and Netflix miss earnings expectations, Apple is staying strong, beating earnings expectations and possibly hinting at new fall product releases. Revenue from Services was up to $9.54 billion, an increase of 31% year-over-year.

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