Apple's quarterly earnings came in far higher than expected, and the company's wearables business increased by 60% year over year.

Apple’s earnings came in higher than expected, and the company reported that its sales for the June quarter were the highest it has ever been. The success of wearables was demonstrated once more.

The overall revenue for the period of three months came to a total of $53.3 billion, marking the fourth consecutive quarter of growth in the double-digit percentage range. Between the months of March and June, every region, with the exception of Japan, showed double-digit growth. Profits increased to $11.5 billion, representing a 32 per cent increase compared to the same time in 2017.

Earnings were bolstered by more expensive iPhones, despite the fact that this quarter is traditionally slow because most of the year’s most anticipated product debuts occur in September. During the month of June, the business reported sales of 41.3 million iPhones. Although this was only a one per cent increase over the previous year, the average selling price came in at $724, which was higher than the predictions of $693.

Apple CEO Tim Cook stated in a press release that the company is “thrilled to deliver Apple’s best June quarter ever” and that the company has had “our fourth straight quarter of double-digit sales growth.”

“Continued strength in sales of iPhone, Services, and Wearables drove our performance for the third quarter, and we are very pleased about the goods and services we have coming down the pipeline.”

The wearables category, which includes products such as Apple Watch, AirPods, and Beats, once again had great success during the quarter. Over the course of a year, overall category sales increased by more than sixty per cent, bringing in more than ten billion dollars. Apple Watch had a record level of success during the June quarter, with growth somewhere in the mid-40 per cent range.

During after-hours trading, the price of Apple’s shares rose by 3 per cent. The Cupertino-based corporation has become very close to being the first company in history to be worth $1 trillion. It is necessary for the stock price to rise above $203, which is simply an additional 3 per cent higher than its current price.

Leave a Reply