Apple posts $45.4 billion in revenue, $8.7 billion profit in Q3 2017 financial report

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Date: Wednesday, August 2nd, 2017, 05:55
Category: Apple Watch, Finance, Google, iPad, iPhone, News, retail

Apple’s financial returns are in for the third quarter of 2017, the company boasting an $8.7 billon profit and $45.4 billion in revenue on strong iPhone, iPad and Mac sales.

The company offered the following highlights in its conference call with analysts:

Apple has surpassed 1.2 billion cumulative iPhones sold, and the iPhone 7 series continues to be a strong performer.

iPad grew for the first time in 4 years, and U.S. education market sales of iPad were up more than 30 percent.

Sales of Apple Watch were up over 50 percent in June quarter. Apple says it’s the No. 1 selling smartwatch in the world.

Apple ended the quarter with $261.5 billion in cash, 94 percent of it held overseas.

Company representatives also stated that the iPhone 7 is outperforming the iPhons 6s from a year ago, its markets in Asia, Latin America and the Middle East grew sales by more than 25 percent, despite the fact that iPhone SE launched in the June quarter last year in many markets.

They also offered the following interested tidbits:

Apple achieved its highest global market share in over 4 years.

U.S. education market sales of iPad were up more than 30 percent

NPD says iPad had 55 percent share of tablet sales in U.S. in June, and 8 of top 10 selling tablets.

Purchase intent for customers planning to buy a tablet is more than 70 percent for iPad.

Bank of America, Medtronic and Panera plan to roll out the 10.5 inch iPad pro through key areas of their organizations.

Walmart will also be deploying iPad for employee training.

Apple apparently also outpaced the larger PC market with growing Mac sales this past quarter, complete with CEO Tim Cook stating that the Mac is off to a great start in back-to-school seasonal sales.

Service revenues went up a total of 22 percent to reach a record of $7.26 billion. This growth was apparently driven largely by the App Store, with Apple stating that the iOS App Store outsells Google Play by two times.

Apple forecast revenues between $49 billion and $52 billion for its fourth quarter of 2017, with a predicted gross margin between 37.5 and 38 percent.

Via AppleInsider

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