Apple’s profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter, besting market expectations despite selling fewer iPhones than analysts projected.
The news boosted shares in the tech giant in after-hours trading, putting it ever closer to a history-making, trillion-dollar market value, even as China’s Huawei knocked Apple off second spot in a tightening global smartphone market, reported AFP.
Apple’s revenue in the fiscal third quarter soared 17 per cent to $53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices, the report said.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” chief executive Tim Cook said in the earnings release yesterday.
Apple reportedly sold 41.3 million iPhones in the quarter that ended June 30, just shy of the 42 million figure anticipated by analysts.
“Apple gave the Street and tech investors finally some good news” beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors.
To hit the trillion-dollar market value, Apple shares would have to climb about five percent more.
Analysts were eager for news about how the company is riding out trade turbulence between the US and China.
President Donald Trump’s trade wars include 25 per cent US tariffs on $34 billion in Chinese goods, with more on the way, and steep tariffs on steel and aluminum, which provoked Beijing and others to hit back with import duties on US goods, the AFP report highlighted.
Cook reportedly said that Apple products have not so far been directly affected, and that the company is evaluating the latest Trump move currently in a public comment phase.