Apple CEO Tim Cook

Apple has posted its financial results for Q3 2017 and things are looking rosy for the Cupertino tech giant.

For the third quarter, Apple posted revenue of USD52.6 billion with a net profit of USD10.7 billion (or USD2.07 per diluted share). This compares to USD46.9 billon revenue and USD9 billion in net quarterly profit in the year-ago quarter.

Note that revenue and earnings per share numbers broke company records for the fourth fiscal quarter, inching close to 2015 figures.

“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all product categories, and our best quarter for Services,” said Tim Cook, Apple CEO.

Apple’s iPhone business, which represents 55% of its total business, recorded increased sales compared to the year-ago quarter. Apple sold 46.7 million iPhones, up from 45.5 million. Apple did not break down iPhone sales based on models, but it is believed that the iPhone 8 and iPhone 8 Plus sold well, followed by strong sales of the iPhone 7 as well.

Tim Cook said iPhone sales exceeded their expectation, and the iPhone 8 and iPhone 8 Plus has become its most popular models on sale, shortly after its September launch.

With the iPhone X open for sale today, Cook said orders have “already been very strong” and Apple is working to getting iPhone X to customers as quickly as possible.

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Based on a preliminary report by IDC released today, Apple has reclaimed the #2 spot in the global smartphone sales and market share with 12.5%. It briefly lost its position to Huawei in the previous quarter, with the China tech company now sitting a close #3 with 10.5% market share. Samsung still dominates the smartphone shipments with 22.3% market share on top of 76.1 million units shipped.

Apple iPhone X

Smartphones aside, Apple also saw sales of iPad recording double digit growth with 10.3 million units shipped, compared to 9.3 million in the year-ago quarter.

Mac sales were also strong, rising from 4.9 million to 5.4 million, representing a 25 percent revenue growth.

Apple Watch remains the most popular smartwatch in the world, with Apple’s wearable business up by a whopping 75 percent year over year in the fourth quarter.

What’s interesting is big growth in Greater China with gains across the board for iPhone, iPad and Mac. Apple said it was an all-time record quarter for Mac sales in mainland China, as well as an all-time high for services revenue.

Touching on services, revenue hit an all-time quarterly record of USD8.5 billion. In fiscal 2017, services revenue reached USD30 billion, the size of a Fortune 100 company.

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With the launch of the iPhone X and depending on how Apple manages inventory and meets demand in the coming quarter, it will be interesting to see if the company can hit another record quarter.

Source: Apple


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