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Apple boosted by selling more expensive iPhones

01 August 2018

In fact, one out of every four iPhone units sold in the quarter was the tenth anniversary model. Revenue and earnings per share were both up (and over analyst expectations), and stocks have seen a modest bounce as investors jump back on the hype train.

Shares rose 3.4 per cent to US$196.80 in after-hours trade.

Apple moved 41.3 million iPhones in its third quarter, which was less than the 41.79 million Wall Street was expecting - but blew past the predicted $693.59 average selling price for a smartphone. Despite the more-or-less unchanged unit shipments, Apple's handsets brought in $29.9 billion in revenue, or an impressive 20% increase from a year ago. Cook said the Apple Watch delivered record June quarter performance with growth in the mid 40 per cent range and he compared the popularity of the AirPods to that of the early days of the iPod.

Apple is expected to release three new iPhone models, including a less-expensive version that will feature the edge-to-edge display and Face ID technology made popular by the iPhone X.

The company generated $53.3 billion in revenue during the quarter ending June 30, compared to $45.4 billion during the same quarter previous year.

Apple came closer to becoming the first $1 trillion company last night after revenue from services such as the App Store, Apple Music and iCloud helped it to beat Wall Street earnings estimates. Even more impressive was the growth in revenue from services such as Apple Music and iCloud, which grew by 31% compared to the a year ago.

Some analysts were concerned there would be a drop off in demand for the company's highest-priced iPhone X, which sports a starting price tag of $999. Samsung's Galaxy Note 9 launch, slated for next month, reportedly had to be sped up because of the tepid S9 sales.

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Overall, Apple reported higher growth in revenue for the 17th straight quarter with sales hitting $53.27 billion.

Apple has repeatedly highlighted the growing amount of money it is taking in from music, applications, games, subscriptions and services it sells to people using its devices.

The figures show that Apple sold around 41.3m iPhones during the quarter, little changed from the 41m it sold in the same period a year ago, as consumers shrugged off higher prices for Apple's flagship iPhone X model.

Despite the trade war, China remains one of Apple's best markets, posting double-digit revenue growth in the country for the fourth quarter in a row, Cook said.

The division that includes the Apple Watch and the AirPods wireless ear buds saw revenue increase 37% to $3.74 billion.

Services revenue was US$9.5 billion, beating analyst expectations of US$9.1 billion, according to Thomson Reuters I/B/E/S. Apple is forecasting a revenue guidance of between $60 and $62 billion in the fourth quarter, which is slightly above analyst estimates of $59.57 billion in the next quarter. Analysts expected revenue of US$52.4 billion and earnings of US$2.18 a share.

Apple boosted by selling more expensive iPhones