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Quarterly revenue of Apple grew due to good sales of iPhone

Apple Inc. on Tuesday reported a 7.2 % increase in quarterly revenue due to iPhone sales exceeding forecasts for the release of the jubilee model of the smartphone later this year.

02.Aug.17 2:03 AM
By Daria Zaytseva


Quarterly revenue of Apple grew due to good sales of iPhone

The company said that iPhone sales grew 1.6 % to 41.03 million units in the third quarter ended July 1, surpassing the analysts' average forecast of 40.7 million units, according to financial data and research firm FactSet StreetAccount.

The company's shares rose 6 % after Apple reported unexpectedly good financial results for the third quarter, and reached a historic high after the end of the official Tuesday session.

Apple also said it reached a milestone of 1.2 billion sold by the iPhone.

Revenue was also supported by good sales of the iPad, reaching $ 4.9 billion - almost $ 1 billion higher than the forecast of Wall Street. The company also said it increased the production of wireless headphones AirPods.

Apple's net profit in the third quarter increased to $ 8.72 billion, or $ 1.67 per share, from $ 7.80 billion, or $ 1.42 per share, a year earlier.

Revenues increased to $ 45.41 billion from $ 42.36 billion. Analysts on average predicted a figure of $ 44.89 billion.

The company expects revenue in the current quarter in the range of $ 49-52 billion, while analysts, on average, forecast a figure of $ 49.21 billion.

Analysts on average predict that iPhone sales in the current quarter will be 45.55 million. A year earlier the figure was 45.51 million.

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