Strong iPhone sales propel Apple’s fiscal Q3 results past Wall Street’s expectations
Summary
Apple reported strong financial results for its fiscal third quarter, with higher sales of iPhones and MacBooks pushing its earnings above Wall Street predictions. The company also raised prices for Macs and iPads due to a shortage of memory chips linked to artificial intelligence demand.Key Facts
- Apple earned $29.79 billion, or $2.02 per share, in the April-June period, a 27% increase from last year.
- Revenue rose 16% to $109.42 billion compared to $94.04 billion a year earlier.
- Analysts expected earnings of $1.89 per share and revenue of $109 billion, so Apple surpassed these estimates.
- Apple raised prices on Macs and iPads last month because of a memory chip shortage caused by increased AI demand.
- iPhone prices have not increased yet, but analysts expect Apple to raise them later this year.
- Tariff refunds added 11 cents per share to Apple's earnings.
- Apple’s CEO, Tim Cook, said this was the company’s strongest June quarter ever with growth in iPhone, Mac, Services, and all geographic areas.
- Despite the strong results, Apple’s stock fell by 2.3% in after-hours trading.
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