APPLE IS ON TRACK to become the first-ever trillion-dollar company after reporting the strongest third quarter in the company's history.
Revenues for the three-month period topped $53.3bn (£40.6bn), up 17 per cent year-on-year, while net income came in at $11.5bn, a 32 per cent increase compared to Q3 2017.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said Apple CEO Tim Cook. "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."
While Cook touts "strong" iPhone sales, shipments grew by just one per cent to 41 million units. However, the average iPhone selling price hit $724, well above the expected $694, which saw smartphone revenues rise 20 per cent year over year.
This is largely down to the pricey iPhone X which remained Apple's most-popular iDevice during the quarter, despite recent reports claiming that demand £999 handset had "plummeted" by as much as 50 per cent.
This bodes well for Apple's next-generation iPhones - the so-called iPhone 9, iPhone 11 and iPhone 11 Plus.
iPad sales also increased by just one per cent in the first quarter, with Apple flogging 11.5 million units, but unlike the iPhone, revenues fell five per cent. This can no doubt be credited to the success of Apple's low-cost 'iPad', which the firm has touted as its most-popular ever, and the fact that the more-expensive iPad Pro is long overdue an update. If recent rumours are to be believed, it won't be long until the firm has a new, pricey Pro model on offer.
It was a different story for Apple's Mac division. While PC sales recently showed signs of growth for the first time in six years, Mac sales declined nine per cent during the quarter with 3.7 million units sold, and revenues were down five per cent at $5.3bn.
Still, this was more than made up for by Apple's Services unit, which includes sales from iTunes and the App Store, which saw sales increase 37 per cent to $9.5bn. Apple Music sales were up 50 per cent on the year, as were cloud services revenues.
Apple's 'Other Products' category, which tallies up sales of AirPods, HomePods and the Apple Watch, also had a bumper quarter with growth of 37 per cent. During the firm's earnings call, Cook pointed out that Apple Watch growth was "in the mid-40s range", marking a "record quarter" for the wrist-worn wearable.
With these record earnings, Apple is on track to make history by becoming the first-ever trillion-dollar company. At the time of writing the firm's market value is sitting at 962.14bn, so it's looking likely that Apple will beat Amazon to the trillion-dollar crown. µ
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