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Apple Q3 2018 results show 17% growth selling 41.3 million iPhones
Apple announces third-quarter earnings with revenue of $53.3 billion, up by 17 percent over last year. Here's what you need to know about the Q3 earnings.
Apple has announced its financial results for the third quarter of 2018. For the quarter Apple has shown the revenue of $53.3 billion, up by 17 percent over last year with a net profit of $11.5 billion, up by 32.1 percent year-on-year or earning per share of $2.34. During the earnings call, Tim Cook said that the growth was due to the strong performance of the iPhone, services and wearables.
According to MacRumors, the gross margin for the quarter was 38.3 percent. Last year it was 38.5 percent. With international sales, the company has accounted for 60 percent of revenue. The company also announced a quarterly dividend payment of $0.73 per share to the shareholders on August 16.
Apple CEO Time Cook said that the iPhone had a very strong quarter. The revenue from iPhone was up by 20 percent year-over-year. Moreover, the active installed base grew by double-digits, driven by first-time smartphone buyers, switchers, and existing customer. According to 451 Research iPhone X once again become the most popular iPhone with a customer satisfaction score of 98 percent.
The Cupertino tech giant sold 41.3 million iPhones during the third quarter, up slightly from 41.0 million last year. But, the company need to work on Mac sales as the sales have fallen down to 3.72 million units from 4.29 million units in the year-ago quarter. iPad sales increased slightly with 11.55 million sales from 11.42 million.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said Tim Cook, Apple's CEO. "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 talking about Apple stores, the company has opened its 50th retail store in Greater China during the quarter and opened a new store in Milan last week. Apple is trying to bringing the number of stores located outside the U.S to 46 percent.
Apple is expecting revenue of $60-62 billion with gross margin between 38 and 38.5 percent in the last quarter of the fiscal year.