>>     >>   Apple’s third quarter profit surges 12 per cent to USD 8.7 billion

Apple’s third quarter profit surges 12 per cent, revenues jump 7 per cent with 41 million iPhones sale

US tech giant Apple beat market estimates to report a robust financial Result for the third quarter. The third quarter financial results witnessed a tremendous jump in its revenues and profits, delivering a boost to its share price.


By   |  Updated On : August 02, 2017 10:52 AM
Apple - File photo

Apple - File photo

New Delhi :  

US tech giant Apple beat market estimates to report a robust financial result for the third quarter. The third quarter financial results witnessed a tremendous jump in its revenues and profits, delivering a boost to its share price.

Profit surged 12 per cent to USD 8.7 billion, and revenue rose per cent to USD 45.4  billion, with the California-based company selling 41 million iPhones in the fiscal third quarter to July 1.

Shares rose more than five per cent to USD 158.12 in after-market trades that followed released of the earnings report.

"We're happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue," Apple chief executive Tim Cook said in a release.

Apple has been highlighting the increasing amount of money it brings in selling digital content and services to people using its popular devices.

The move is seen by some as an effort to assure investors that the company's fortunes doesn't rest solely on sales of iPhones, which have been its main revenue driver.

Apple also highlighted that 61 per cent of the revenue in the quarter came from outside the United States.

However, revenue in the important China market slipped 10 per cent from a year earlier to slightly more than USD 8 billion.

"We reported unit and revenue growth in all our product categories in the June quarter, driving 17 per cent growth in earnings per share," Apple chief financial officer Luca Maestri said in the release.

 The quarterly update for the world's most valuable company showed it was able to keep positive momentum even as some consumers waited for the anticipated 10th anniversary iPhone expected later this year.

 

First Published: Wednesday, August 02, 2017 10:44 AM

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