Apple Posts Strong Third Quarter Earnings; Cheaper iPads and Apple Watch Saved the Quarter

Cupertino giant, Apple has been achieving record revenues for years now. However, the company is now losing its momentum. Today, Apple posted its third quarter revenues ended July 1, 2017, which showed a marginal revenue growth when compared to previous years. Apple’s business revenue grew by six percent YoY, and 12 percent over the same period in 2016.

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Thanks to the cheaper iPads, Apple retained the business revenues, although, they were down. Apple reported that the iPad sales were up 15 percent from last year. This essentially means that customers are interested in cheaper iPads, rather than the costlier iPad Pro.

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.”