Apple is one company that has increased drastically in many years. Apple, the tech giant reported $53.3 billion in revenue for the quarter, beating analysts’ consensus of $52.3 billion. This report represented a growth of 17% versus expectations of 15%. It also beats future projections on the company earnings per share, reporting $2.34 versus a $2.16 consensus.
The sales of iPhones shown in the closely-watched metric are intriguing. This is because Apple earns the majority of its revenue from phone sales especially the latest models and also beat forecasts despite the fact that total unit sales were slightly lower than what analysts had predicted. Total unit sales for the quarter were 41.3 million, but iPhone revenue increased 20% — signaling that sales of the iPhone X, which retails at $1,000 and up, as well as the iPhone 8 and 8 Plus, which start at $700 and $800, respectively, are driving the boost. Apple’s closely-watched iPhone normal average price for sales for the quarter came in at about the rate of $724, versus consensus estimates of $693.
“Because of their strength in the high-end luxury end of the market, [Apple is] able to generate free cash flow and buy back a lot of stock. I anticipate both trends will continue,” said Tom Forte of DA Davidson. But at the same time, CEO if the tech giant, Tim Cook said in a press release that “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.”
By statistics and revenue records, iPad and Mac revenue weren’t so hot, each dropping 5% to $4.7 billion and $5.3 billion respectively. Services, another closely-watched segment that includes the App Store, iCloud, iTunes and other software-driven Apple products, then later rose about 31% to $9.5 billion. The company also reported that it spent more than $20 billion on stock buybacks during the quarter, which is expected to boost Apple’s stock over time by lowering its massive cash balance and lifting its earnings-per-share ratio. Apple shares were rising 3.6% after-hours to a new all-time high of $ 197.20.