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Apple's Q3 Earnings Put It Close to Trillion-Dollar Market Cap
July 31, 2018 at 2:06 PM (PT)
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APPLE ended the trading day closing in on the first-ever U.S. company boasting a trillion-dollar market cap with after-hours trading moving it up $5.95 after Q3 results were announced.
The company generated $53.3 billion in revenue during the quarter ending JUNE 30th, compared to $45.4 billion during the same quarter last year. The company’s net income for the quarter was $11.52 billion compared to $8.72 billion a year ago. This translated to diluted earnings per share of $2.34, compared to $1.67 during the same quarter in 2017.
Analysts had expected earnings of per share of $2.18 on $52.37 billion in revenue.
Commented APPLE CEO TIM COOK: “We’re thrilled to report APPLE’s best JUNE quarter ever, and our fourth consecutive quarter of double-digit revenue growth. Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline.”
APPLE sold 41.3 million iPhones during the quarter, compared to 41 million a year ago. iPad sales were also up slightly, to the tune of 11.55 million compared to 11.42 million during the same quarter last year.
The company’s non-hardware revenue also soared, generating $9.55 billion with services during its fiscal Q3, compared to $7.23 billion a year ago. That includes APPLE MUSIC, APP STORE sales as well as APPLE CARE and iCloud subscriptions.
With APPLE MUSIC leading, services are now a major revenue stream for the company, which makes almost as much in that category as all hardware combined.