Apple Earnings: Shares Gain 3% in After Hours

Apple iPhone X

Apple's increasingly important Services segment saw revenue of $9.5 billion, up 31% versus $7.2 billion during the same quarter past year.

He said the company has had a "stellar quarter in services" with an all-time high revenue of $9.5 billion which he attributed partly to the double-digit growth in active installed base.

However, the average selling price of each handset increased significantly, suggesting the company has lured its customers into shelling out more for its devices even in a slowing smartphone market.

Apple's numbers also show that it's dependence on the USA market as well as the on iPhone lineup is coming down.

Shares in the Californian tech giant jumped more than 2% in after hours trading in NY. The category includes AirPods headphones, the Apple Watch, Apple TV, and the HomePod.

For the current quarter ending in September, Apple said it expects revenue of $60 billion to $62 billion. With a market capitalization of US$938.7 billion at market close on Monday, Apple is tickling at the title of world's first trillion-dollar company. Prior to the earnings release, CNBC said that Apple could be spared the bloodbath due to its profitable hardware business, which online consumer companies like Facebook, Twitter, and Netflix lack.

Apple's revenue in the fiscal third quarter soared 17 per cent to US$53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices.

Apple noted that its cash hoard now sits at $243.7 billion, down $23.5 billion from the previous quarter. The company's stock is up 12% this year because of high sales of the iPhone 8 and X. Warren Buffett is one of the top investors in Apple.

Apple moved 41.3 million iPhones in its third quarter, which was less than the 41.79 million Wall Street was expecting - but blew past the predicted $693.59 average selling price for a smartphone.

Revenue rose 17 per cent to Dollars 53.27 billion, also exceeding Street forecasts for USD 52.37 billion.

Apple is looking at whether it will be hit by tariffs on purchases the company must make, possibly "related to data centers", Cook said on a conference call with investors. The Apple Watch had a record quarter with mid-40 percent growth, the CEO also said.

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

The maker of iPhones, iPads and other products posted revenue of nearly $53.3 billion in the period, also exceeding Wall Street forecasts.

Sales of the iPad were flat year-over-year, moving 11.5 million units, while Mac sales were down 13 percent, with only 3.7 million sold. Revenue from services grew 31 percent during the June quarter to $9.5 billion.

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