Apple (NASDAQ:AAPL) posted revenue of $45.4 billion (net quarterly profit of $8.7 billion) and earnings of $1.67 per share for third quarter which was ahead of street’s estimates revenue of $44.9 billion and earnings of $1.57. Q3 (FY 2017) results were also better than the year-ago quarter of $42.4 billion (net quarterly profit of $7.8 billion) and $1.42, respectively. Post results announced, Apple shares increased by 6% to a record $159.22 in after-hours trading Tuesday.
Apple CEO Tim Cook announced the quarterly results “very strong” and highlighted that 1.2 billion iPhones have now been sold since first being released in 2007. This quarter, Apple sold nearly 41 million iPhones, 4.29 million Mac and 11.42 million iPad units during the quarter. iPad unit sales were increased by 28 % compared to the previous quarter and 15 percent year-over-year. Apple improved guidance for the fourth quarter of fiscal 2017 includes expected revenue of $49 to 52 billion and gross margin between 37.5 and 38%. Currently Apple is valued at more than $800 billion. It may reach the $1 trillion mark sooner than expected due to the persistent rise of its shares.
Tim Cook, Apple’s CEO said “With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue. We hosted an incredibly successful Worldwide Developers Conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”