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Apple Quarterly Revenues Up 17%, Led By Services Growth

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Apple Quarterly Revenues Up 17%, Led By Services Growth

Apple reported revenues of usd 53.3 billion for its fiscal third quarter to june, up 17 percent from a year earlier and near the top of its guidance. The company’s net profit jumped to usd 11.5 billion from usd 8.7 billion over the same period.

While iphone shipments were up only 1 percent year-on-year to 41.3 million, revenues from the apple smartphones jumped 20 percent to usd 29.9 billion thanks to the higher price tag of the latest models. Ipad shipments were also up 1 percent, to 11.6 million, while revenues fell 5 percent to usd 4.7 billion after the launch of a lower priced model in the latest quarter.

Service revenues remained strong, up 31 percent year-on-year to usd 9.6 billion, and other products, such as apple tv, the homepod and the apple watch, generated usd 3.7 billion in revenues, up 37 percent.

On a geographic basis, apple showed the strongest growth in the americas, with revenues up 20 percent to usd 24.5 billion. Greater china was close behind with 19 percent annual growth, to usd 9.6 billion.

Apple left its dividend unchanged at 73 cents a share. The company said it also spent usd 20 billion buying back shares in the past quarter. The group’s operating cash flow reached usd 14.5 billion in the period.

Apple expects the sales growth to continue in the september quarter, forecasting revenues of usd 60-62 billion versus usd 52.6 billion a year ago. That’s equal to 16 percent annual growth at the midpoint of the range.

When not expelling tech wisdom, Ngoni feeds on good stories that strike on all those emotional chords. He loves road trips, a good laugh, and interesting people.

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