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Apple returns to growth as iPad sales boost Q3 2017 earnings

02 Agosto 2017, 02:08 | Bibiana Flor

Apple returns to growth as iPad sales boost Q3 2017 earnings

FSMNews

These results compare to revenue of $42.4 billion and earnings per diluted share of $1.42 in the year-ago second quarter, the company said in a statement late on Tuesday.

Apple's sales amounted to $45.41 billion United States dollars in the third fiscal quarter of 2017, an increase of 7.2 percent, with a net of $8.72 billion, coming to a total increase of 11.9 percent over the same period previous year. Apple ended up only selling 41.02 million of the device last quarter, up 1.5% year-over-year.

Most significantly for investors, the company offered higher-than-expected guidance ($49 - $52 billion) for the fourth quarter, anticipating the release of the new iPhone.

Analyst consensus forecast for Apple's fiscal year 2017 Q4, which ends September 30, was $49 billion in revenue.

For the first time in 14 quarters iPad shipments increased, rising by 15% to 11.42 million units behind strong sales to schools and businesses.

One of the biggest and prominent tech companies in the entire world will be unveiling its quarter performance later today; the company that gave us iPhone and iMacs, Apple, the tech giant will be looking to push new boundaries this quarter despite the new iPhone's release and sale is set to later this year.

The iPhone propelled Apple's fiscal third-quarter profit of $8.72 billion, or $1.67 a share, up from a year-earlier gain of $7.8 billion, or $1.42 a share. Analysts on average had expected $44.89 billion.

The fact that iPhone sales actually rose from a year earlier was a success for Apple. Revenue jumped from $5.976 billion to $7.266 billion. Apple is also expected to launch the iPhone 7s and iPhone 7s Plus in September. Sales of the iPhone have been somewhat disappointing for several quarters, as consumers save their dollars for the new, redesigned model. Apple CEO Tim Cook was definitely happy with the results. During Apple's quarterly conference call, CFO Luca Maestri said Apple had its lowest channel inventory in two and a half years.

While Apple reports a record revenue for its services, like Apple Music and Apple Pay, Cook said the company hopes exclusive content will boost the number of subscribers.

Unexpected sales news August 1 had to do with a resurgence in the iPad-in particular, the new, larger version. The bullish forecast suggests Apple thinks iPhone sales will keep chugging along with no delays. And the company has yet to break out sales for its newest product category, the Apple Watch. Net income was up 11.2% at $8.72 billion. He added cryptically that Apple will "have some more things that we'll say about that" later this year.



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