Apple has released its third quarter earnings with a revenue of $53.3 billion. This exceeded the company’s projection by $1 billion.
After the latest announcements, Apple currently has a market cap of $935 billion. If stock continues to rise above 7 percent, Apple could become the first trillion-dollar company at a price of $203.46 per share.
This was the strongest third quarter for Apple ever, despite that it’s a quarter that tends to slow on iPhone sales as consumers prepare for new smartphone announcements in the fall. The average selling price of the iPhone was $724, which was above analyst estimates of $693.
According to the report, Apple’s expected revenue for fiscal Q4 is $60 to $62 billion, a 16 to 19 percent growth from this period last year. This could indicate plans to launch multiple new hardware devices which are in line with rumors that up to three new iPhone models could be announced.
The company is also expected to release a new version of the iPad Pro and a redesigned Apple Watch. While Apple CEO Tim Cook did not confirm a midrange iPhone X device, but he did comment that the company will “continue to provide different iPhones … for folks to meet their needs.”
“Even without three new iPhones, however, the 2018 MacBook Pro with a third-generation keyboard was just released that will be part of next quarter’s revenue. Another thing to consider is that Apple also announced three iPhone models last year, but only the iPhone 8 and 8 Plus were accounted for in Q4 revenues since the iPhone X came out in November. (Apple’s fiscal Q4 ends on September 30th.),” Verge reported.
The biggest revenue jump continues to be within the services department (which includes Apple Music, iCloud, and Apple Care) with a 31 percent increase to a record $9.55 billion in revenue.