Apple Inc. Reports Q3 2017 Earnings, Shares Surge

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Apple Q3 2017 earnings were released after closing bell, and the iPhone maker reported earnings of $1.67 per share on $45.4 billion in revenue. The consensus estimates for the company’s third fiscal quarter stood at $1.57 per share in earnings and $44.89 billion in revenue. In last year’s third fiscal quarter, the company reported $1.42 per share in earnings on $42.4 billion in sales.

Apple Q3 2017 earnings: iPhone units beat too

AAPL sold 41.03 million iPhones during the third quarter, raking in $24.8 billion in revenue, versus 40.4 million units and $24.05 billion in sales. Consensus for iPhone units stood at 40.7 million with an average selling price of $621 before the bell. AAPL sold 11.4 million iPads for $5 billion in sales, versus 9.95 million iPads for $4.9 billion in revenue. Mac sales were $5.6 billion for 4.3 million units. Services revenue rose to $7.3 billion from $6 billion in the year-ago quarter.

“We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share,” Apple Chief Financial Officer Luca Maestri said in a statement. “We also returned $11.7 billion to investors during the quarter, bringing cumulative capital returns under our program to almost $223 billion.”

Apple’s Americas revenue rose 13% year over year to $20.4 billion from $18 billion last year. Europe revenue grew 11% to $10.7 billion. The iPhone maker just can’t seem to stop the bleeding in Greater China, as sales there fell another 10% year over year to $8 billion. Sales in Japan grew 3% to $3.6 billion, while in the Rest of the Asia Pacific region, sales were up 15% to $2.7 billion.

Apple provides guidance

For Apple’s fourth fiscal quarter, it expects between $49 billion and $52 billion in sales with a gross margin of 37.5% to 38%. It expects operating expenses to be between $6.7 billion and $6.8 billion and other income of $500 million.

After Apple Q3 2017 earnings were released, the company’s stock surged in after-hours trades, rising by as much as 4.67% to $157.06.

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