Apple earnings are interesting in the sense that the company can post revenue in the tens of billions of dollars, sell millions upon millions of new iPhones, and still end up disappointing analysts. Indeed, investors on Wall Street aren’t just looking for impressive numbers, they’re looking for sales and profit figures that exceed expectations.
That said, Apple today issued its earnings report for the recent June quarter and posted revenue of $53.2 billion and EPS of $2.34. Analysts, meanwhile, were anticipating Apple’s revenue for the quarter to fall somewhere in the $52 billion range and EPS to fall somewhere around $2.17. As a point of comparison, Apple during the same quarter a year-ago posted revenue of $45.4 billion and EPS of $1.67.
Meanwhile, net income for the quarter checked in at $11.5 billion, a nice jump from the $8.7 billion Apple generated during the June quarter in 2017.
Per usual, the biggest metric to pay attention to involves iPhone sales, and when the June quarter came to a close, Apple saw 41.3 million in unit sales, compared to a forecast 41.79 million units. During the same quarter last year, Apple posted iPhone sales of 41.02 million units. Impressively, Apple managed to significantly boost revenue even amid somewhat stagnant iPhone sales, thanks to a climbing average selling price for the iPhone.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” Apple CEO Tim Cook said in a press release. “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.”
Not surprisingly, revenue from Apple’s suite of services continued to impress. During the three-month quarter, Apple’s range of services — which includes Apple Music, the App Store, and iTunes — generated $9.5 billion in revenue, good enough for a year-over-year jump of 31%.
As for other hardware sales, iPad and Mac sales checked in at 11.5 million and 3.7 million units, respectively. Year over year, Mac sales dropped by 13% while iPad sales increased by just 1%.
Shares of Apple are up approximately 2.6% in after-hours trading.