Reuters.- Apple Inc on Tuesday reported quarterly sales and earnings that beat analysts’ expectations for the purchase of premium versions of its 5G iPhones and subscriptions to the company’s services.
Driven by better-than-expected iPhone sales, total revenue reached $ 81.43 billion, beating analyst expectations. of $ 73.3 billion, according to IBES data from Refinitiv.
Earnings were $ 1.30 per share, more than Refinitiv’s estimates of $ 1.01 per share.
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The results elicited a mixed reaction from investors: Stocks rose and fell in after-market trading before starting to settle 0.5% higher.
Apple’s biggest sales growth came from China, where CEO Tim Cook said customers are buying accessories like the Apple Watch alongside their iPhones. Sales in China grew 58% to $ 14.76 billion in the fiscal third quarter ending June 26.
“It wasn’t just the iPhone. We set a new quarterly record for Macs, for portable devices, home and accessories, and for services in China, “Cook told Reuters in an interview. “It was our strongest geographic area.”
Apple also appears to have avoided a major shock so far from the global chip shortage.
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The results come when investors – once concerned that Apple was relying too much on sales of its proprietary computing device, the iPhone – raised the value of the company to nearly $ 2.5 trillion, more than doubling in about three years. .
Apple released its iPhone 12 models, all of which can connect to 5G wireless networks faster thanks to Qualcomm Inc chips, later than usual last year.
But the impetus to upgrade to 5G seemed to be driving a better buying cycle for iPhones than many analysts expected. Apple said iPhone sales were $ 39.57 billion, almost 50% more than the previous year. and above analyst expectations of $ 34 billion.
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Cook told Reuters that the iPhone 12 Pro and 12 Pro Max, the premium tier of the device, sold very well. That helped drive gross margins to 43.3% from estimates of 41.9%, according to Refinitiv.
The other big driver of Apple’s results was its services business, which includes paid subscriptions for TV and music, as well as its App Store. Service revenue hit a record $ 17.49 billion, a third higher than the prior year and above analyst expectations of $ 16.33 billion.
Cook told Reuters that Apple now has 700 million subscribers across its various platforms, up from 660 million in the previous quarter.
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