iPhone X factor drives new Q3 record for Apple

iPhone X factor drives new Q3 record for Apple
Editor
| 01 August 2018

In stark contrast to the financial pressure felt by its FAANG rivals their latest quarterly results, CE giant Apple has reported its best-ever third quarter results driven by continued strong sales of the iPhone, services and wearables.

apple tv 29 july 2018For its fiscal 2018 third quarter ended 30 June 2018, the company posted quarterly revenue of $53.3 billion, an increase of 17% from the year-ago quarter, and quarterly earnings per diluted share of $2.34, up 40% on an annual basis. Non-US sales accounted for three-fifths of the quarter’s revenue. Apple saw revenue growth in each of its geographic segments, the engine for net income of $11.5 billion and operating cash flow of $14.5 billion.

“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 commenting on Apple's Q3 results. “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.”

Looking towards the prospects for the final quarter of the year, Apple provided Q4 guidance predicting revenue between $60–62 billion; gross margin between 38–38.5%; operating expenses between $7.95–$8.05 billion.