Apple Blows Past Investor Expectations in Q4, Posting Record Quarter

Tim Cook, Apple, iphone, apple TV+

Apple posted record revenue for its September quarter, thanks to strong international sales and growth in sales of iPhones, Macs and other products.

Apple reported earnings of $2.07 per share, or $10.7 billion. That exceeded Wall Street’s consensus estimates of $1.87, according to Thomson Reuters. Sales reached $52.6 billion, topping the $50.7 billion Wall Streeters forecast for the company’s fourth quarter.

“With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season,” said Tim Cook, Apple’s CEO. “And with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device.”

iPhone sales, which account for more than half of the company’s revenue, rose a modest 2 percent from the same time a year ago. Although Apple unveiled a new lineup of smartphones in September — including its flagship product, the 10th anniversary edition iPhone X — the biggest bump in sales typically comes in the company’s holiday quarter.

Apple said it expects first quarter revenue of $84 billion-$87 billion.

The company reported significant 34% increase gains in revenue for its services category, which rose to $8.5 billion for the quarter. This category includes Apple Pay mobile services and Apple Care. Proceeds from “other” products, which include the Apple Watch, Apple TV and Beats products, also surged 36% to $3.2 billion.

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